Backblaze (NASDAQ:BLZE) Hits New 12-Month High Following Better-Than-Expected Earnings

Shares of Backblaze, Inc. (NASDAQ:BLZE) reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $18.99 and last traded at $22.6970, with a volume of 134544 shares changing hands. The stock had previously closed at $15.59.

The company reported $0.08 earnings per share for the quarter, topping 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 net margin of 14.97% and a negative return on equity of 20.54%.

More Backblaze News

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Needham raises price target and maintains Buy rating: Needham & Company increased its price target for Backblaze from $14 to $23 while assigning a “Buy” rating, implying substantial potential upside from the current trading level. Benzinga report
• Positive Sentiment: Q2 results exceeded expectations: Backblaze reported adjusted earnings of $0.08 per share, compared with the $0.02 analyst consensus, while revenue reached $42.71 million versus expectations of $39.94 million. Revenue increased 18% year over year, led by 34% growth in the B2 cloud-storage business. Backblaze second-quarter financial results
• Positive Sentiment: Management raised revenue guidance: Backblaze expects third-quarter revenue of $44.4 million to $44.8 million, above the $41.2 million consensus estimate. Full-year 2026 revenue guidance of $172 million to $174 million also exceeds analysts’ $162.3 million forecast, signaling stronger demand for AI and data-intensive workloads. Financial Post earnings release
• Positive Sentiment: Large CoreWeave agreement supports AI growth: Backblaze highlighted a $335 million strategic agreement with CoreWeave, strengthening the investment case that demand for storage supporting artificial intelligence workloads can accelerate growth. Q2 2026 earnings call transcript
• Neutral Sentiment: Backblaze is presenting at the Ai4 2026 conference, which may increase visibility among AI-industry customers but does not immediately change financial guidance. Ai4 2026 presentation announcement

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a report on Thursday, July 23rd. Wall Street Zen downgraded shares of Backblaze from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Citizens Jmp lifted their target price on shares of Backblaze from $14.00 to $16.00 and gave the company a “market outperform” rating in a report on Thursday, July 23rd. Craig Hallum raised shares of Backblaze from a “hold” rating to a “buy” rating and boosted their target price for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Finally, Weiss Ratings lowered Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Backblaze presently has an average rating of “Moderate Buy” and an average price target of $14.50.

Institutional Inflows and Outflows

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

Backblaze Stock Performance

The firm’s fifty day moving average price is $11.81 and its 200-day moving average price is $7.13. The company has a market cap of $1.39 billion, a P/E ratio of -59.31 and a beta of 1.56. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

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.