Northern Trust Corp Acquires 67,281 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Northern Trust Corp lifted its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 21.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 380,538 shares of the company's stock after buying an additional 67,281 shares during the period. Northern Trust Corp owned approximately 0.86% of Backblaze worth $2,291,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. R Squared Ltd bought a new stake in Backblaze during the 4th quarter valued at $38,000. Tower Research Capital LLC TRC grew its holdings in Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock worth $42,000 after acquiring an additional 5,293 shares during the last quarter. Quantbot Technologies LP increased its position in shares of Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after acquiring an additional 4,393 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock valued at $89,000 after acquiring an additional 1,992 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new position in shares of Backblaze during the fourth quarter valued at about $102,000. Institutional investors own 54.03% of the company's stock.

Backblaze Stock Up 2.6%

Backblaze stock traded up $0.15 during trading hours on Friday, hitting $5.80. 55,487 shares of the stock traded hands, compared to its average volume of 399,042. Backblaze, Inc. has a one year low of $3.94 and a one year high of $8.08. The firm's 50-day moving average price is $4.92 and its two-hundred day moving average price is $5.87. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The company has a market cap of $318.37 million, a PE ratio of -5.22 and a beta of 1.03.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BLZE. Needham & Company LLC started coverage on Backblaze in a research note on Tuesday, March 11th. They issued a "buy" rating and a $8.00 target price on the stock. Lake Street Capital reduced their target price on Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Finally, B. Riley decreased their target price on Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a report on Tuesday, February 18th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $10.83.

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.