Backblaze (NASDAQ:BLZE) Price Target Raised to $24.00

Backblaze (NASDAQ:BLZE) had its price target hoisted by B. Riley Financial from $16.00 to $24.00 in a research note published on Tuesday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Several other research firms have also recently issued reports on BLZE. Weiss Ratings cut Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Needham & Company LLC increased their target price on Backblaze from $14.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and raised their target price for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a research note on Thursday, July 23rd. Finally, William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.71.

Backblaze Trading Down 2.7%

BLZE stock opened at $18.11 on Tuesday. The company’s 50-day simple moving average is $12.46 and its 200-day simple moving average is $7.42. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. Backblaze has a 52-week low of $3.26 and a 52-week high of $23.99. The firm has a market cap of $1.09 billion, a P/E ratio of -53.26 and a beta of 1.56.

Backblaze (NASDAQ:BLZE) last announced its earnings results 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 during the quarter, compared to the consensus estimate 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, equities analysts forecast that Backblaze will post -0.37 EPS for the current fiscal year.

Institutional Trading of Backblaze

Hedge funds have recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in Backblaze by 1,388.2% in the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after purchasing an additional 5,178 shares in the last quarter. ProShare Advisors LLC purchased a new stake in shares of Backblaze in the fourth quarter valued at approximately $47,000. Oxford Asset Management LLP purchased a new stake in shares of Backblaze in the fourth quarter valued at approximately $47,000. M&T Bank Corp purchased a new stake in shares of Backblaze in the fourth quarter valued at approximately $49,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Backblaze in the second quarter valued at approximately $58,000. 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.