Backblaze (NASDAQ:BLZE) Given New $16.00 Price Target at Citizens Jmp

Backblaze (NASDAQ:BLZE) had its price objective increased by equities research analysts at Citizens Jmp from $14.00 to $16.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price target points to a potential upside of 21.35% from the company’s current price.

Several other research firms also recently issued reports on BLZE. Wall Street Zen downgraded shares of Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. B. Riley Financial raised their price objective on shares of Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Weiss Ratings cut shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Needham & Company LLC upped their price objective on Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Lake Street Capital increased their price target on shares of Backblaze from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.21.

Backblaze Stock Down 1.8%

BLZE stock opened at $13.19 on Thursday. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $18.25. The company’s 50 day moving average price is $10.95 and its 200 day moving average price is $6.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $792.42 million, a price-to-earnings ratio of -34.50 and a beta of 1.55.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $38.67 million during the quarter, compared to the consensus estimate of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. On average, equities research analysts anticipate that Backblaze will post -0.37 EPS for the current fiscal year.

Institutional Trading of Backblaze

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Backblaze by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock worth $24,996,000 after acquiring an additional 134,034 shares in the last quarter. Wasatch Advisors LP bought a new stake in Backblaze in the third quarter valued at about $17,021,000. Pillsbury Lake Capital LLC bought a new position in Backblaze during the 4th quarter worth approximately $8,058,000. Whetstone Capital Advisors LLC grew its position in shares of Backblaze by 4.1% in the 4th quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock worth $7,083,000 after acquiring an additional 59,263 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Backblaze by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,341,863 shares of the company’s stock valued at $6,255,000 after acquiring an additional 53,583 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.