100,500 Shares of Backblaze, Inc. $BLZE Acquired by Vanguard Capital Wealth Advisors

Vanguard Capital Wealth Advisors acquired a new position in shares of Backblaze, Inc. (NASDAQ:BLZE) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 100,500 shares of the company’s stock, valued at approximately $1,406,000. Backblaze comprises approximately 1.0% of Vanguard Capital Wealth Advisors’ portfolio, making the stock its 25th biggest holding. Vanguard Capital Wealth Advisors owned approximately 0.16% of Backblaze as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in BLZE. AWM Investment Company Inc. bought a new stake in Backblaze in the second quarter valued at approximately $22,207,000. Renaissance Technologies LLC raised its holdings in Backblaze by 44.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after purchasing an additional 361,905 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Backblaze by 152.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company’s stock worth $1,785,000 after purchasing an additional 312,459 shares during the period. Perkins Capital Management Inc. lifted its position in shares of Backblaze by 21.6% in the 1st quarter. Perkins Capital Management Inc. now owns 339,025 shares of the company’s stock worth $1,170,000 after purchasing an additional 60,250 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Backblaze by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company’s stock valued at $1,037,000 after purchasing an additional 107,876 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

Backblaze Stock Performance

NASDAQ:BLZE opened at $9.91 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $613.43 million, a P/E ratio of -29.15 and a beta of 1.56. The company has a fifty day moving average of $14.55 and a 200-day moving average of $11.10. Backblaze, Inc. has a twelve month low of $3.26 and a twelve month high of $23.99.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. The firm had revenue of $42.71 million during the quarter, compared to the consensus estimate of $39.94 million. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.73%. As a group, sell-side analysts anticipate that Backblaze, Inc. will post -0.28 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BLZE shares. B. Riley Financial lifted their target price on shares of Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. William Blair reaffirmed a “market perform” rating on shares of Backblaze in a research report on Friday, October 2nd. Oppenheimer increased their price target on Backblaze from $15.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and increased their price target for the stock from $6.50 to $16.00 in a report on Tuesday, June 23rd. Finally, Citizens Jmp lifted their price objective on Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a research report on Tuesday, August 4th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.71.

Insider Activity

In related news, CEO Gleb Budman sold 12,855 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $203,366.10. Following the completion of the sale, the chief executive officer directly owned 2,192,103 shares of the company’s stock, valued at $34,679,069.46. The trade was a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Marc Suidan sold 2,110 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the completion of the transaction, the chief financial officer owned 349,518 shares in the company, valued at approximately $5,529,374.76. The trade was a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 4.20% of the company’s stock.

About Backblaze

Backblaze, Inc provides cloud storage and data backup services for businesses, developers, and individual customers. Its platform is designed to help organizations store, protect, manage, and access data without maintaining their own extensive physical storage infrastructure.

The company’s primary offerings include Backblaze B2 Cloud Storage, an object storage service for applications, backup systems, content delivery, and data-intensive workloads, and Backblaze Computer Backup, which automatically backs up data from computers.