Russell Investments Group Ltd. Increases 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. increased its position in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 5,200.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,135 shares of the company's stock after buying an additional 41,340 shares during the period. Russell Investments Group Ltd. owned 0.08% of Backblaze worth $204,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of Backblaze in the first quarter worth about $351,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Backblaze by 36.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 696,519 shares of the company's stock worth $3,364,000 after buying an additional 186,124 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Backblaze by 9.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 129,996 shares of the company's stock worth $628,000 after buying an additional 11,647 shares in the last quarter. Blair William & Co. IL lifted its position in shares of Backblaze by 57.0% in the first quarter. Blair William & Co. IL now owns 48,194 shares of the company's stock worth $233,000 after buying an additional 17,500 shares in the last quarter. Finally, R Squared Ltd lifted its position in shares of Backblaze by 135.3% in the first quarter. R Squared Ltd now owns 14,730 shares of the company's stock worth $71,000 after buying an additional 8,470 shares in the last quarter. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Backblaze Trading Down 1.9%

Shares of NASDAQ BLZE opened at $8.19 on Wednesday. The business's 50 day moving average is $6.28 and its two-hundred day moving average is $5.66. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.08 and a quick ratio of 1.08. Backblaze, Inc. has a 1-year low of $3.94 and a 1-year high of $8.65. The stock has a market capitalization of $462.74 million, a P/E ratio of -9.20 and a beta of 1.20.

Backblaze (NASDAQ:BLZE - Get Free Report) last released 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 business had revenue of $36.30 million for the quarter, compared to the consensus estimate of $35.41 million. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts expect that Backblaze, Inc. will post -1.02 EPS for the current 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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