Nuveen LLC Invests $351,000 in Backblaze, Inc. $BLZE

Nuveen LLC acquired a new position in shares of Backblaze, Inc. (NASDAQ:BLZE) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 72,652 shares of the company’s stock, valued at approximately $351,000.

Several other hedge funds have also made changes to their positions in BLZE. AWM Investment Company Inc. raised its position in shares of Backblaze by 2,664.4% in the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after buying an additional 2,682,480 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Backblaze by 36.5% in the 1st 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 during the period. Millennium Management LLC raised its position in shares of Backblaze by 21.2% in the 4th quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock worth $3,749,000 after buying an additional 108,884 shares during the period. P.A.W. Capital Corp raised its position in shares of Backblaze by 25.0% in the 1st quarter. P.A.W. Capital Corp now owns 400,000 shares of the company’s stock worth $1,932,000 after buying an additional 80,000 shares during the period. Finally, Northern Trust Corp raised its position in shares of Backblaze by 21.5% in the 4th quarter. Northern Trust Corp now owns 380,538 shares of the company’s stock worth $2,291,000 after buying an additional 67,281 shares during the period. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Trading Up 0.1%

NASDAQ:BLZE opened at $8.70 on Friday. The business’s 50-day moving average is $6.47 and its two-hundred day moving average is $5.70. 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 12 month low of $3.94 and a 12 month high of $8.85. The firm has a market capitalization of $491.55 million, a PE ratio of -9.78 and a beta of 1.20.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The company had revenue of $36.30 million during the quarter, compared to analysts’ expectations of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts predict that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. JMP Securities increased 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 increased 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 assumed 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 equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Backblaze presently has a consensus rating of “Buy” and an average price target of $10.07.

About Backblaze

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.