Wells Fargo & Company MN Increases Position in Backblaze, Inc. (NASDAQ:BLZE)

Wells Fargo & Company MN raised its stake in shares of Backblaze, Inc. (NASDAQ:BLZE) by 28.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,684 shares of the company’s stock after acquiring an additional 6,357 shares during the period. Wells Fargo & Company MN’s holdings in Backblaze were worth $173,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new stake in shares of Backblaze during the third quarter worth $159,000. Barclays PLC boosted its holdings in Backblaze by 124.4% in the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock valued at $500,000 after purchasing an additional 43,354 shares in the last quarter. JPMorgan Chase & Co. increased its position in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock worth $801,000 after purchasing an additional 88,652 shares during the period. SG Americas Securities LLC raised its stake in shares of Backblaze by 46.7% during the 4th quarter. SG Americas Securities LLC now owns 19,853 shares of the company’s stock worth $120,000 after buying an additional 6,322 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Backblaze in the fourth quarter valued at approximately $38,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on BLZE. Lake Street Capital decreased their target price 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. Needham & Company LLC initiated coverage on Backblaze in a research note on Tuesday, March 11th. They set a “buy” rating and a $8.00 price target on the stock. Finally, B. Riley reduced their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $10.83.

Backblaze Price Performance

BLZE stock opened at $5.22 on Friday. The stock’s fifty day simple moving average is $4.87 and its 200-day simple moving average is $6.04. Backblaze, Inc. has a 52-week low of $3.94 and a 52-week high of $8.08. The stock has a market capitalization of $283.45 million, a price-to-earnings ratio of -4.70 and a beta of 1.03. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

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.