Backblaze (NASDAQ:BLZE) Price Target Raised to $16.00

Backblaze (NASDAQ:BLZE) had its price objective increased by Citizens Jmp from $14.00 to $16.00 in a research note released on Thursday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other research firms also recently issued reports on BLZE. Lake Street Capital lifted their price target on Backblaze from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Wall Street Zen cut shares of Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. B. Riley Financial raised their target price on shares of Backblaze from $7.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Needham & Company LLC raised their target price on shares of Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, William Blair upgraded shares of 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Backblaze presently has a consensus rating of “Moderate Buy” and an average price target of $13.21.

Backblaze Stock Performance

BLZE opened at $11.61 on Thursday. Backblaze has a 1-year low of $3.26 and a 1-year high of $18.25. The stock has a market cap of $697.76 million, a P/E ratio of -29.77 and a beta of 1.55. The stock’s 50 day simple moving average is $11.15 and its 200 day simple moving average is $6.78. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Backblaze by 8.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after purchasing an additional 2,229 shares during the period. Invesco Ltd. increased its position in Backblaze by 8.3% during the fourth quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock worth $206,000 after purchasing an additional 3,363 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Backblaze by 12.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock worth $151,000 after purchasing an additional 3,523 shares during the period. Cerity Partners LLC raised its stake in Backblaze by 3.6% during the second quarter. Cerity Partners LLC now owns 109,001 shares of the company’s stock worth $600,000 after purchasing an additional 3,763 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Backblaze by 31.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,292 shares of the company’s stock valued at $106,000 after purchasing an additional 4,650 shares during the last quarter. 54.03% of the stock is currently owned by hedge funds and other 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.