Backblaze, Inc. $BLZE Shares Newly Purchased by Vanguard Capital Wealth Advisors

Vanguard Capital Wealth Advisors purchased a new stake in shares of Backblaze, Inc. (NASDAQ:BLZE) in the third quarter, Holdings Channel.com reports. The firm purchased 100,500 shares of the company’s stock, valued at approximately $1,406,000. Backblaze accounts for about 1.0% of Vanguard Capital Wealth Advisors’ holdings, making the stock its 25th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in shares of Backblaze in the third quarter valued at approximately $55,000. WINTON GROUP Ltd bought a new stake in Backblaze during the second quarter worth $295,000. Integrated Wealth Concepts LLC purchased a new stake in Backblaze in the 2nd quarter valued at $77,000. Squarepoint Ops LLC raised its position in Backblaze by 385.1% in the 2nd quarter. Squarepoint Ops LLC now owns 155,417 shares of the company’s stock valued at $2,465,000 after buying an additional 123,382 shares during the last quarter. Finally, Allworth Financial LP raised its position in Backblaze by 83.8% in the 2nd quarter. Allworth Financial LP now owns 1,726 shares of the company’s stock valued at $27,000 after buying an additional 787 shares during the last quarter. 54.03% of the stock is owned by institutional investors.

Backblaze Stock Performance

Shares of BLZE opened at $9.91 on Friday. The stock has a 50 day moving average of $14.55 and a 200 day moving average of $11.10. The company has a market capitalization of $613.43 million, a price-to-earnings ratio of -29.15 and a beta of 1.56. Backblaze, Inc. has a 12 month low of $3.26 and a 12 month high of $23.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Oppenheimer raised their price objective on Backblaze from $15.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a research note on Monday, September 14th. Citizens Jmp upped their target price on shares of Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a research note on Tuesday, August 4th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 target price on shares of Backblaze in a report on Thursday, September 10th. Finally, Lake Street Capital reiterated a “buy” rating and issued a $21.00 target price on shares of Backblaze in a report on Tuesday, August 4th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.71.

Insider Buying and Selling at Backblaze

In other news, CFO Marc Suidan sold 2,110 shares of Backblaze stock in a transaction on Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $33,380.20. Following the sale, the chief financial officer directly owned 349,518 shares in the company, valued at $5,529,374.76. The trade was a 0.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gleb Budman sold 12,855 shares of Backblaze stock in a transaction on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $203,366.10. Following the sale, the chief executive officer owned 2,192,103 shares in the company, valued at $34,679,069.46. The trade was a 0.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.