Cubist Systematic Strategies LLC Has $571,000 Stock Holdings in Backblaze, Inc. $BLZE

Key Points

• Cubist Systematic Strategies LLC has reduced its investment in Backblaze, Inc. by 36.4%, now holding a stake worth $571,000 after selling 67,684 shares in the first quarter.
• Analysts have a generally positive outlook on Backblaze, with multiple brokerages raising their price targets; for example, JMP Securities set a target of $8.00, while Needham & Company increased theirs to $8.50.
• Backblaze reported a net loss of $0.12 per share for the last quarter, missing consensus estimates, but had revenue of $36.30 million, surpassing analyst expectations.

Cubist Systematic Strategies LLC reduced its stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 118,198 shares of the company's stock after selling 67,684 shares during the quarter. Cubist Systematic Strategies LLC owned 0.22% of Backblaze worth $571,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its stake in Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after buying an additional 5,293 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock valued at $89,000 after buying an additional 1,992 shares during the last quarter. Northern Trust Corp grew its holdings in Backblaze by 21.5% during the 4th quarter. Northern Trust Corp now owns 380,538 shares of the company's stock valued at $2,291,000 after buying an additional 67,281 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Backblaze by 106.8% in the 4th quarter. Jane Street Group LLC now owns 51,500 shares of the company's stock valued at $310,000 after acquiring an additional 26,593 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Backblaze in the 4th quarter valued at about $188,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BLZE. JMP Securities increased their price objective on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Citizens Jmp assumed coverage on Backblaze in a report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price for the company. Finally, Needham & Company LLC boosted their price target on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $10.07.

Backblaze Stock Performance

NASDAQ BLZE opened at $9.82 on Thursday. The stock has a 50-day simple moving average of $6.71 and a two-hundred day simple moving average of $5.74. The firm has a market capitalization of $554.83 million, a P/E ratio of -11.03 and a beta of 1.20. Backblaze, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $9.89. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08.

Backblaze (NASDAQ:BLZE - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). The business had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts forecast that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Backblaze Profile

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.

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