Russell Investments Group Ltd. Grows Stock Holdings in Backblaze, Inc. $BLZE

Key Points

• Russell Investments Group Ltd. significantly increased its holdings in Backblaze, Inc. by 5,200.0% during the first quarter, now owning 42,135 shares worth approximately $204,000.
• Several hedge funds have also raised their positions in Backblaze, with institutions collectively owning 54.03% of the company's stock.
• Analysts have boosted their target prices for Backblaze, with JMP Securities raising it to $8.00 and Needham & Company LLC to $8.50, reflecting positive sentiment toward the stock.

Russell Investments Group Ltd. raised its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 5,200.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,135 shares of the company's stock after acquiring an additional 41,340 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.08% of Backblaze worth $204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of BLZE. Wells Fargo & Company MN raised its position in shares of Backblaze by 28.5% in the fourth 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 during the period. Barclays PLC increased its holdings in shares of Backblaze by 9.1% in the 4th quarter. Barclays PLC now owns 85,288 shares of the company's stock worth $513,000 after buying an additional 7,083 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Backblaze by 300.9% during 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 during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Backblaze by 15.6% during 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 during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Backblaze by 21.5% during 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 during the last quarter. Institutional investors own 54.03% of the company's stock.

Backblaze Price Performance

NASDAQ:BLZE traded up $0.01 during trading hours on Friday, hitting $8.70. 529,237 shares of the stock traded hands, compared to its average volume of 627,679. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24. Backblaze, Inc. has a 1 year low of $3.94 and a 1 year high of $8.85. The company has a market cap of $491.55 million, a price-to-earnings ratio of -9.78 and a beta of 1.19. The stock has a 50 day moving average price of $6.47 and a 200 day moving average price of $5.67.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $36.30 million for the quarter, compared to analysts' expectations of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Sell-side analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About Backblaze

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.