Connective Capital Management LLC Acquires Shares of 99,620 Backblaze, Inc. (NASDAQ:BLZE)

Connective Capital Management LLC acquired a new stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 99,620 shares of the company's stock, valued at approximately $600,000. Backblaze accounts for about 0.7% of Connective Capital Management LLC's investment portfolio, making the stock its 26th largest position. Connective Capital Management LLC owned 0.22% of Backblaze at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AIGH Capital Management LLC bought a new position in Backblaze in the 4th quarter worth approximately $10,836,000. Thompson Siegel & Walmsley LLC bought a new position in shares of Backblaze during the fourth quarter worth $2,956,000. P.A.W. Capital Corp bought a new position in shares of Backblaze during the fourth quarter worth $1,926,000. Raymond James Financial Inc. purchased a new position in Backblaze during the fourth quarter valued at $1,618,000. Finally, Perkins Capital Management Inc. increased its holdings in Backblaze by 167.0% in the 4th quarter. Perkins Capital Management Inc. now owns 285,225 shares of the company's stock valued at $1,717,000 after acquiring an additional 178,390 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company's stock.

Backblaze Price Performance

Shares of NASDAQ BLZE traded down $0.35 during mid-day trading on Friday, hitting $5.63. 694,557 shares of the company's stock traded hands, compared to its average volume of 398,616. The company's 50-day moving average is $4.90 and its two-hundred day moving average is $5.92. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $309.09 million, a P/E ratio of -5.07 and a beta of 1.03. Backblaze, Inc. has a 1 year low of $3.94 and a 1 year high of $8.08.

Wall Street Analysts Forecast Growth

BLZE has been the subject of several research reports. Needham & Company LLC initiated coverage on shares of Backblaze in a report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective for the company. Lake Street Capital dropped their price target on Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Finally, B. Riley cut their price target on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a report on Tuesday, February 18th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $10.83.

About Backblaze

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.