72,652 Shares in Backblaze, Inc. $BLZE Purchased by Nuveen LLC

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 stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) during the 1st quarter, according to its most recent disclosure 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 reporting period.

Several other large investors have also added to or reduced their stakes in BLZE. AWM Investment Company Inc. grew its stake in Backblaze by 2,664.4% during the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company's stock valued at $16,755,000 after purchasing an additional 2,682,480 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Backblaze by 36.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,519 shares of the company's stock valued at $3,364,000 after purchasing an additional 186,124 shares during the last quarter. Millennium Management LLC grew its stake in Backblaze by 21.2% during the 4th quarter. Millennium Management LLC now owns 622,813 shares of the company's stock valued at $3,749,000 after purchasing an additional 108,884 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in Backblaze by 129.7% during the 4th quarter. Cubist Systematic Strategies LLC now owns 185,882 shares of the company's stock valued at $1,119,000 after purchasing an additional 104,970 shares during the last quarter. Finally, Connective Capital Management LLC purchased a new stake in Backblaze during the 4th quarter valued at about $600,000. Hedge funds and other institutional investors own 54.03% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. JMP Securities boosted their price target on Backblaze from $7.00 to $8.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Citizens Jmp began coverage on Backblaze in a research note on Tuesday, June 24th. They issued a "strong-buy" rating and a $7.00 target price on the stock. Finally, Needham & Company LLC upped their target price on Backblaze from $7.00 to $8.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $10.07.

Backblaze Price Performance

NASDAQ BLZE traded down $0.36 during trading hours on Thursday, reaching $9.46. The company's stock had a trading volume of 1,613,921 shares, compared to its average volume of 672,536. The firm has a market capitalization of $534.49 million, a price-to-earnings ratio of -10.63 and a beta of 1.20. Backblaze, Inc. has a 1-year low of $3.94 and a 1-year high of $9.92. 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 company's 50-day moving average is $6.79 and its two-hundred day moving average is $5.76.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.07). The business had revenue of $36.30 million during 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 predict that Backblaze, Inc. will post -1.02 EPS 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.