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

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Backblaze, Inc. (NASDAQ:BLZE) by 50.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 510,395 shares of the company’s stock after purchasing an additional 170,513 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.15% of Backblaze worth $3,073,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Backblaze by 241.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock valued at $801,000 after acquiring an additional 88,652 shares during the last quarter. State Street Corp grew its holdings in Backblaze by 29.7% during the third quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after purchasing an additional 138,917 shares during the period. Geode Capital Management LLC increased its stake in Backblaze by 2.6% in the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock valued at $5,525,000 after purchasing an additional 21,593 shares in the last quarter. Barclays PLC raised its holdings in Backblaze by 124.4% in the third quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after purchasing an additional 43,354 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Backblaze during the third quarter worth $159,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analysts Set New Price Targets

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

Backblaze Stock Performance

BLZE opened at $5.50 on Tuesday. The company has a market capitalization of $244.20 million, a price-to-earnings ratio of -4.95 and a beta of 0.89. The business’s 50-day moving average price is $6.34 and its two-hundred day moving average price is $6.50. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $10.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

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.