Backblaze (NASDAQ:BLZE) Sets New 12-Month High – Still a Buy?

Shares of Backblaze, Inc. (NASDAQ:BLZE) reached a new 52-week high on Wednesday . The company traded as high as $16.60 and last traded at $15.84, with a volume of 2969025 shares changing hands. The stock had previously closed at $15.30.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BLZE. B. Riley Financial raised their target price on Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. William Blair upgraded shares of Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. Citizens Jmp raised their price objective on shares of Backblaze from $8.00 to $14.00 and gave the stock a “market outperform” rating in a report on Wednesday, June 24th. Wall Street Zen downgraded shares of Backblaze from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Needham & Company LLC boosted their target price on shares of Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research 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. According to MarketBeat, Backblaze presently has an average rating of “Moderate Buy” and a consensus price target of $12.93.

Backblaze Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a 50-day moving average of $9.51 and a 200-day moving average of $6.06. The stock has a market cap of $1.07 billion, a PE ratio of -45.72 and a beta of 1.55.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The firm had revenue of $38.67 million for the quarter, compared to analysts’ expectations of $37.78 million. Research analysts predict that Backblaze, Inc. will post -0.37 EPS for the current year.

Institutional Investors Weigh In On Backblaze

Large investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in Backblaze by 1,388.2% during the fourth quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after buying an additional 5,178 shares during the last quarter. ProShare Advisors LLC bought a new stake in Backblaze in the 4th quarter worth approximately $47,000. Oxford Asset Management LLP purchased a new stake in shares of Backblaze during the 4th quarter worth approximately $47,000. M&T Bank Corp purchased a new stake in shares of Backblaze during the 4th quarter worth approximately $49,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Backblaze during the 2nd quarter valued at approximately $58,000. 54.03% of the stock is owned by institutional investors.

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.