Perkins Capital Management Inc. Has $1.72 Million Stake in Backblaze, Inc. (NASDAQ:BLZE)

Perkins Capital Management Inc. boosted its stake in Backblaze, Inc. (NASDAQ:BLZE) by 167.0% during the 4th quarter, HoldingsChannel reports. The fund owned 285,225 shares of the company’s stock after acquiring an additional 178,390 shares during the quarter. Backblaze comprises 1.5% of Perkins Capital Management Inc.’s investment portfolio, making the stock its 21st largest position. Perkins Capital Management Inc.’s holdings in Backblaze were worth $1,717,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in shares of Backblaze by 241.8% in the third quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock valued at $801,000 after purchasing an additional 88,652 shares in the last quarter. State Street Corp lifted its stake in Backblaze by 29.7% in the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after acquiring an additional 138,917 shares in the last quarter. Geode Capital Management LLC boosted its position in Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after acquiring an additional 21,593 shares during the last quarter. Barclays PLC grew its stake in shares of Backblaze by 124.4% during the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after acquiring an additional 43,354 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Backblaze in the third quarter valued at approximately $159,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Stock Down 0.4 %

Shares of BLZE stock opened at $5.40 on Monday. Backblaze, Inc. has a 52-week low of $4.91 and a 52-week high of $10.52. The stock has a market cap of $239.76 million, a price-to-earnings ratio of -4.86 and a beta of 0.89. The firm’s 50-day moving average is $6.27 and its 200-day moving average is $6.48. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Wall Street Analysts Forecast Growth

BLZE has been the subject of a number of analyst reports. Lake Street Capital decreased their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. B. Riley lowered their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, February 18th. Finally, Needham & Company LLC started coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze presently has a consensus rating of “Buy” and a consensus target price of $10.83.

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.