Backblaze (NASDAQ:BLZE) Price Target Raised to $21.00

Backblaze (NASDAQ:BLZE) had its price target raised by Citizens Jmp from $16.00 to $21.00 in a research note released on Tuesday,Benzinga reports. They currently have a market outperform rating on the stock.

A number of other equities analysts have also commented on the stock. Needham & Company LLC lifted their price target on shares of Backblaze from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday. William Blair raised Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. Weiss Ratings lowered Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and increased their price target for the company from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Finally, Citigroup restated a “market outperform” rating on shares of Backblaze in a research report on Thursday, July 23rd. Eight investment 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.71.

Backblaze Trading Down 2.7%

NASDAQ BLZE opened at $18.11 on Tuesday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -53.26 and a beta of 1.56. Backblaze has a twelve month low of $3.26 and a twelve month high of $23.99. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. The business’s fifty day moving average is $12.46 and its 200 day moving average is $7.42.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.06. The firm had revenue of $42.71 million for the quarter, compared to analyst estimates 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 expect that Backblaze will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after acquiring an additional 5,178 shares during the period. ProShare Advisors LLC acquired a new position in shares of Backblaze in the 4th quarter valued at about $47,000. Oxford Asset Management LLP acquired a new position in shares of Backblaze in the 4th quarter valued at about $47,000. M&T Bank Corp bought a new stake in shares of Backblaze during the 4th quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Backblaze during the 2nd quarter valued at about $58,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Company Profile

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.