Backblaze, Inc. (NASDAQ:BLZE) Stock Has Average Target Price of $19.71

Backblaze, Inc. (NASDAQ:BLZE) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $19.71.

A number of brokerages have recently commented on BLZE. B. Riley Financial boosted their price target on Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded Backblaze from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Backblaze in a research report on Wednesday, August 12th. Citizens Jmp raised their price target 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. Finally, William Blair reaffirmed a “market perform” rating on shares of Backblaze in a research note on Friday, October 2nd.

Insider Buying and Selling at Backblaze

In other Backblaze news, CEO Gleb Budman sold 12,855 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $15.82, for a total transaction of $203,366.10. Following the sale, the chief executive officer directly owned 2,192,103 shares of the company’s stock, valued at $34,679,069.46. The trade was a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Marc Suidan sold 2,110 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $33,380.20. Following the transaction, the chief financial officer owned 349,518 shares of the company’s stock, valued at approximately $5,529,374.76. This represents a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BLZE. Vanguard Capital Wealth Advisors bought a new stake in shares of Backblaze during the 3rd quarter worth approximately $1,406,000. State of Alaska Department of Revenue bought a new stake in shares of Backblaze in the 3rd quarter valued at about $55,000. WINTON GROUP Ltd bought a new position in Backblaze during the second quarter worth about $295,000. Integrated Wealth Concepts LLC acquired a new position in Backblaze during the second quarter worth approximately $77,000. Finally, Squarepoint Ops LLC increased its position in Backblaze by 385.1% during the second quarter. Squarepoint Ops LLC now owns 155,417 shares of the company’s stock worth $2,465,000 after buying an additional 123,382 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Stock Performance

NASDAQ:BLZE opened at $8.60 on Monday. Backblaze has a fifty-two week low of $3.26 and a fifty-two week 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. The business’s 50-day simple moving average is $14.34 and its 200-day simple moving average is $11.09.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. The business had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. Research analysts anticipate that Backblaze will post -0.28 earnings per share for the current fiscal year.

Backblaze Company Profile

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.