Backblaze, Inc. (NASDAQ:BLZE) Stock Has Consensus Target Price of $19.71

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been given a consensus recommendation of “Moderate Buy” by the ten research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $19.71.

Several brokerages have recently issued reports on BLZE. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and raised their target price for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Wall Street Zen raised shares of Backblaze from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of Backblaze in a research note on Thursday, September 10th. Oppenheimer increased their price objective on Backblaze from $15.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Finally, B. Riley Financial raised their target price on Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th.

Backblaze Stock Performance

NASDAQ:BLZE opened at $9.73 on Monday. Backblaze has a 52 week low of $3.26 and a 52 week high of $23.99. The firm has a 50-day moving average price of $14.71 and a two-hundred day moving average price of $11.06. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34.

Backblaze (NASDAQ:BLZE) last released its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.06. The company had revenue of $42.71 million during 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%. Analysts forecast that Backblaze will post -0.28 earnings per share for the current year.

Insider Buying and Selling at Backblaze

In other news, CEO Gleb Budman sold 12,855 shares of the company’s stock in a transaction 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 transaction, the chief executive officer owned 2,192,103 shares of the company’s stock, valued at $34,679,069.46. This represents a 0.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 stock in a transaction on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the transaction, the chief financial officer owned 349,518 shares of the company’s stock, valued at $5,529,374.76. The trade was 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.

Hedge Funds Weigh In On Backblaze

Several large investors have recently modified their holdings of BLZE. Allworth Financial LP boosted its holdings in shares of Backblaze by 83.8% in the second quarter. Allworth Financial LP now owns 1,726 shares of the company’s stock worth $27,000 after acquiring an additional 787 shares during the period. State of Wyoming grew its position in shares of Backblaze by 17.8% in the first quarter. State of Wyoming now owns 30,980 shares of the company’s stock valued at $107,000 after purchasing an additional 4,679 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Backblaze in the second quarter valued at $77,000. FNY Investment Advisers LLC bought a new stake in shares of Backblaze during the 2nd quarter valued at $237,000. Finally, Sei Investments Co. bought a new stake in shares of Backblaze during the 1st quarter valued at $60,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

About Backblaze

Backblaze, Inc provides cloud storage and data backup services for businesses, developers, and individual customers. Its platform is designed to help organizations store, protect, manage, and access data without maintaining their own extensive physical storage infrastructure.

The company’s primary offerings include Backblaze B2 Cloud Storage, an object storage service for applications, backup systems, content delivery, and data-intensive workloads, and Backblaze Computer Backup, which automatically backs up data from computers.