Goldman Sachs Group Inc. Purchases 55,720 Shares of Backblaze, Inc. $BLZE

Key Points

• Goldman Sachs Group Inc. increased its stake in Backblaze, Inc. by 27.1%, acquiring an additional 55,720 shares, bringing its total ownership to 261,610 shares valued at approximately $1.26 million.
• Various institutional investors have also boosted their holdings in Backblaze, with AWM Investment Company increasing its stake by 9.4%, and Millennium Management raising its ownership by 32.5% in the same quarter.
• Backblaze's shares have received positive analyst ratings, with JMP Securities and Needham increasing their price targets to $8.00 and $8.50 respectively, while the stock currently holds a consensus rating of "Buy" with an average target price of $10.07.

Goldman Sachs Group Inc. raised its stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 27.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 261,610 shares of the company's stock after acquiring an additional 55,720 shares during the period. Goldman Sachs Group Inc. owned approximately 0.48% of Backblaze worth $1,264,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. AWM Investment Company Inc. lifted its stake in shares of Backblaze by 9.4% in the 1st quarter. AWM Investment Company Inc. now owns 3,043,926 shares of the company's stock worth $14,702,000 after purchasing an additional 260,768 shares during the period. Millennium Management LLC lifted its stake in shares of Backblaze by 32.5% in the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company's stock worth $3,987,000 after purchasing an additional 202,609 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Backblaze by 36.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,519 shares of the company's stock worth $3,364,000 after purchasing an additional 186,124 shares during the period. AQR Capital Management LLC bought a new position in shares of Backblaze in the 1st quarter worth approximately $426,000. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Backblaze by 302.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 115,994 shares of the company's stock worth $698,000 after purchasing an additional 87,194 shares during the period. Hedge funds and other institutional investors own 54.03% of the company's stock.

Analyst Ratings Changes

BLZE has been the topic of several recent research reports. JMP Securities increased their price objective on shares of Backblaze from $7.00 to $8.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Needham & Company LLC increased their target price on shares of Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Citizens Jmp initiated coverage on shares of Backblaze in a report on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $10.07.

Backblaze Stock Performance

BLZE stock opened at $9.99 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.08 and a quick ratio of 1.08. The business has a 50-day moving average price of $7.30 and a 200 day moving average price of $5.89. The company has a market capitalization of $564.44 million, a P/E ratio of -11.22 and a beta of 1.20. Backblaze, Inc. has a 1-year low of $3.94 and a 1-year high of $10.12.

Backblaze (NASDAQ:BLZE - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The firm had revenue of $36.30 million during the quarter, compared to the consensus estimate 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. As a group, equities research analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Backblaze Company 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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