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

Perkins Capital Management Inc. raised its stake in Backblaze, Inc. (NASDAQ:BLZE) by 167.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 285,225 shares of the company’s stock after acquiring an additional 178,390 shares during the quarter. Backblaze comprises approximately 1.5% of Perkins Capital Management Inc.’s investment portfolio, making the stock its 21st biggest holding. Perkins Capital Management Inc. owned approximately 0.64% of Backblaze worth $1,717,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. R Squared Ltd acquired a new stake in shares of Backblaze in the fourth quarter valued at approximately $38,000. Quantbot Technologies LP increased its stake in shares of Backblaze by 60.6% in the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after buying an additional 4,393 shares during the period. Verition Fund Management LLC raised its position in shares of Backblaze by 15.4% during the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after acquiring an additional 2,106 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Backblaze during the fourth quarter valued at $114,000. Finally, Virtu Financial LLC bought a new position in Backblaze in the fourth quarter valued at about $117,000. 54.03% of the stock is owned by institutional investors.

Backblaze Stock Down 0.4 %

Shares of NASDAQ BLZE 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 company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $239.76 million, a P/E ratio of -4.86 and a beta of 0.89. The firm has a 50 day moving average price of $6.27 and a 200 day moving average price of $6.48.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Needham & Company LLC assumed coverage on Backblaze in a report on Tuesday, March 11th. They set a “buy” rating and a $8.00 price objective for the company. Lake Street Capital cut their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, B. Riley lowered their target price on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average 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.