Connor Clark & Lunn Investment Management Ltd. Has $3.07 Million Stake in Backblaze, Inc. (NASDAQ:BLZE)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Backblaze, Inc. (NASDAQ:BLZE) by 50.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 510,395 shares of the company’s stock after acquiring an additional 170,513 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Backblaze were worth $3,073,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BLZE. R Squared Ltd acquired a new stake in shares of Backblaze in the fourth quarter valued at about $38,000. Verition Fund Management LLC increased its position in shares of Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after purchasing an additional 2,106 shares during the last quarter. 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 purchasing an additional 6,322 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Backblaze by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock valued at $155,000 after buying an additional 13,678 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Backblaze in the third quarter valued at $159,000. 54.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Backblaze Stock Up 6.2 %

Backblaze stock opened at $5.50 on Tuesday. The company’s 50-day moving average price is $6.34 and its two-hundred day moving average price is $6.50. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market cap of $244.20 million, a P/E ratio of -4.95 and a beta of 0.89. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $10.84.

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.