Nuveen LLC Invests $351,000 in Backblaze, Inc. $BLZE

Key Points

• Nuveen LLC has invested approximately $351,000 in Backblaze, acquiring 72,652 shares in the first quarter, representing roughly 0.13% of the company.
• Backblaze reported a net loss of $0.12 EPS for the latest quarter, missing analysts' estimates, although it achieved revenues of $36.30 million, surpassing expectations.
• Equity analysts have increased price targets for Backblaze, with JMP Securities and Needham & Company raising theirs to $8.00 and $8.50 respectively, signaling positive sentiment towards the stock.

Nuveen LLC bought a new position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 72,652 shares of the company's stock, valued at approximately $351,000. Nuveen LLC owned approximately 0.13% of Backblaze at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BLZE. Wells Fargo & Company MN increased its stake in Backblaze by 28.5% in the 4th quarter. Wells Fargo & Company MN now owns 28,684 shares of the company's stock valued at $173,000 after purchasing an additional 6,357 shares in the last quarter. Barclays PLC increased its stake in Backblaze by 9.1% in the 4th quarter. Barclays PLC now owns 85,288 shares of the company's stock valued at $513,000 after purchasing an additional 7,083 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company's stock valued at $42,000 after purchasing an additional 5,293 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Backblaze by 15.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock valued at $89,000 after purchasing an additional 1,992 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Backblaze by 21.5% in the 4th quarter. Northern Trust Corp now owns 380,538 shares of the company's stock valued at $2,291,000 after purchasing an additional 67,281 shares in the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $8.70 on Friday. The business's fifty day moving average price is $6.47 and its two-hundred day moving average price is $5.70. The stock has a market cap of $491.55 million, a PE ratio of -9.78 and a beta of 1.20. 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, Inc. has a one year low of $3.94 and a one year high of $8.85.

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). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The company had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BLZE shares. JMP Securities raised their price objective on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Needham & Company LLC raised their price objective on Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Citizens Jmp assumed coverage on Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, Backblaze presently has an average rating of "Buy" and an average target price of $10.07.

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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