Dimensional Fund Advisors LP Grows Stock Holdings in Backblaze, Inc. $BLZE

Key Points

• Dimensional Fund Advisors increased its Backblaze stake by 152.3% in the first quarter, owning 517,586 shares valued at approximately $1.785 million. Institutional investors collectively hold 54.03% of BLZE’s outstanding stock.
• Backblaze reported quarterly revenue of $42.71 million and EPS of $0.08, exceeding analyst estimates of $39.94 million and $0.02, respectively. The stock opened at $20.43, near its 52-week high of $23.99.
• Analyst sentiment remains positive, with eight Buy ratings, one Hold, and one Sell; the stock has a consensus rating of “Moderate Buy” and an average price target of $19.71.

Dimensional Fund Advisors LP lifted its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 152.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 517,586 shares of the company's stock after purchasing an additional 312,459 shares during the quarter. Dimensional Fund Advisors LP owned about 0.86% of Backblaze worth $1,785,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLZE. R Squared Ltd bought a new stake in Backblaze in the first quarter worth $84,000. Perkins Capital Management Inc. increased its holdings in shares of Backblaze by 21.6% during the first quarter. Perkins Capital Management Inc. now owns 339,025 shares of the company's stock valued at $1,170,000 after acquiring an additional 60,250 shares in the last quarter. Invesco Ltd. raised its position in shares of Backblaze by 8.3% in the 4th quarter. Invesco Ltd. now owns 44,103 shares of the company's stock worth $206,000 after purchasing an additional 3,363 shares during the last quarter. Pillsbury Lake Capital LLC bought a new position in Backblaze in the 4th quarter worth about $8,058,000. Finally, XTX Topco Ltd boosted its stake in Backblaze by 96.0% in the 4th quarter. XTX Topco Ltd now owns 126,694 shares of the company's stock worth $590,000 after purchasing an additional 62,041 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company's stock.

Backblaze Price Performance

NASDAQ BLZE opened at $20.43 on Friday. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -60.09 and a beta of 1.56. Backblaze, Inc. has a 1-year low of $3.26 and a 1-year high of $23.99. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.00 and a quick ratio of 1.00. The business's fifty day moving average price is $13.54 and its 200-day moving average price is $7.93.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%.The company had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. On average, equities analysts predict that Backblaze, Inc. will post -0.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BLZE. Needham & Company LLC raised their price objective on shares of Backblaze from $14.00 to $23.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Citigroup reiterated a "market outperform" rating on shares of Backblaze in a report on Thursday, July 23rd. Craig Hallum raised shares of Backblaze from a "hold" rating to a "buy" rating and raised their price target for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. B. Riley Financial boosted their price objective on shares of Backblaze from $16.00 to $24.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings cut Backblaze from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, May 15th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Backblaze has a consensus rating of "Moderate Buy" and an average target price of $19.71.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.

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