Backblaze, Inc. (NASDAQ:BLZE) Stock Has Consensus Price Target of $18.57 According to Brokerages

Shares of Backblaze, Inc. (NASDAQ:BLZE) have earned an average rating of “Moderate Buy” from the nine analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $18.57.

Several equities analysts have issued reports on BLZE shares. Citigroup restated a “market outperform” rating on shares of Backblaze in a research note on Tuesday, November 3rd. Needham & Company LLC reduced their price target on shares of Backblaze from $23.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, November 3rd. William Blair reissued a “market perform” rating on shares of Backblaze in a report on Friday, October 2nd. B. Riley Financial boosted their price objective on shares of Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Backblaze in a research report on Wednesday, August 12th.

Insider Buying and Selling

In other Backblaze news, CEO Gleb Budman sold 12,855 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was 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 ownership of the stock. The sale was disclosed in a legal 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 firm’s 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 completion of the sale, the chief financial officer owned 349,518 shares of the company’s stock, valued at $5,529,374.76. This trade represents a 0.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

Hedge funds have recently modified their holdings of the business. AWM Investment Company Inc. bought a new position in shares of Backblaze during the 2nd quarter worth approximately $22,207,000. Halter Ferguson Financial Inc. boosted its position in shares of Backblaze by 176.7% in the 3rd quarter. Halter Ferguson Financial Inc. now owns 1,266,421 shares of the company’s stock worth $17,717,000 after purchasing an additional 808,668 shares in the last quarter. Renaissance Technologies LLC grew its stake in Backblaze by 44.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after buying an additional 361,905 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Backblaze during the 2nd quarter worth $3,074,000. Finally, Squarepoint Ops LLC increased its position in Backblaze by 385.1% during the 2nd quarter. Squarepoint Ops LLC now owns 155,417 shares of the company’s stock valued at $2,465,000 after buying an additional 123,382 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Price Performance

Backblaze stock opened at $8.27 on Friday. The firm has a market cap of $522.66 million, a PE ratio of -26.68 and a beta of 1.64. The company has a debt-to-equity ratio of 2.82, a current ratio of 3.17 and a quick ratio of 3.17. The stock’s fifty day moving average price is $11.73 and its two-hundred day moving average price is $9.28. Backblaze has a one year low of $3.26 and a one year high of $23.99.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.05 by $0.04. The business had revenue of $46.65 million during the quarter, compared to the consensus estimate of $44.59 million. Backblaze had a negative net margin of 11.47% and a negative return on equity of 13.34%. As a group, research analysts expect that Backblaze will post -0.28 EPS for the current fiscal year.

Backblaze Company Profile

Backblaze, Inc provides cloud storage and data backup services for businesses, developers and individual users. The company’s offerings are designed to help customers protect, store, manage and access data without maintaining their own extensive storage infrastructure.

Its primary products include Backblaze Computer Backup, a subscription service that automatically backs up data from computers, and Backblaze B2 Cloud Storage, an object-storage platform used for applications such as backup, archiving, content storage and media workflows.