Raymond James Financial Inc. Invests $1.62 Million in Backblaze, Inc. (NASDAQ:BLZE)

Raymond James Financial Inc. purchased a new position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 268,793 shares of the company's stock, valued at approximately $1,618,000. Raymond James Financial Inc. owned 0.61% of Backblaze at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. AIGH Capital Management LLC acquired a new position in shares of Backblaze in the fourth quarter valued at approximately $10,836,000. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Backblaze during the fourth quarter worth $2,956,000. P.A.W. Capital Corp purchased a new stake in shares of Backblaze during the fourth quarter worth $1,926,000. Perkins Capital Management Inc. raised its stake in shares of Backblaze by 167.0% in the fourth quarter. Perkins Capital Management Inc. now owns 285,225 shares of the company's stock valued at $1,717,000 after acquiring an additional 178,390 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Backblaze by 50.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 510,395 shares of the company's stock valued at $3,073,000 after purchasing an additional 170,513 shares during the period. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Stock Performance

Shares of NASDAQ BLZE traded up $0.06 during midday trading on Monday, reaching $4.60. 248,489 shares of the company were exchanged, compared to its average volume of 393,277. The stock has a fifty day simple moving average of $4.99 and a 200 day simple moving average of $6.10. 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 stock has a market cap of $249.78 million, a P/E ratio of -4.14 and a beta of 1.03. Backblaze, Inc. has a 1 year low of $3.94 and a 1 year high of $10.00.

Analyst Ratings Changes

A number of research firms have issued reports on BLZE. B. Riley reduced their price target on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, February 18th. Lake Street Capital dropped their price objective on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Finally, Needham & Company LLC initiated coverage on shares of Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze currently has an average 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.