Backblaze (NASDAQ:BLZE) Price Target Raised to $14.00

by · The Cerbat Gem

Backblaze (NASDAQ:BLZE – Free Report) had its target price raised by Raymond James from $13.00 to $14.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also weighed in on BLZE. Oppenheimer lowered their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Craig Hallum upped their price objective on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, October 21st.

Read Our Latest Report on BLZE

Backblaze Price Performance

Backblaze stock traded down $1.09 during trading hours on Friday, hitting $6.86. The stock had a trading volume of 476,810 shares, compared to its average volume of 340,241. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market capitalization of $294.29 million, a price-to-earnings ratio of -5.44 and a beta of 0.99. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The stock’s fifty day moving average is $6.64 and its two-hundred day moving average is $6.69.

Backblaze (NASDAQ:BLZE – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.13). The firm had revenue of $31.29 million during the quarter, compared to analyst estimates of $30.93 million. Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. During the same period last year, the company posted ($0.38) EPS. As a group, analysts predict that Backblaze will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Tina Cessna sold 3,894 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $25,116.30. Following the sale, the vice president now directly owns 153,440 shares in the company, valued at $989,688. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Tina Cessna sold 3,894 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $25,116.30. Following the transaction, the vice president now directly owns 153,440 shares in the company, valued at approximately $989,688. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Barbara H. Nelson sold 16,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.79, for a total value of $108,640.00. Following the transaction, the director now owns 62,346 shares in the company, valued at $423,329.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,483 shares of company stock worth $311,530 over the last three months. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Backblaze

Several large investors have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC increased its stake in Backblaze by 50.6% during the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after acquiring an additional 367,500 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Backblaze by 117.0% in the first quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after buying an additional 371,851 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Backblaze by 45.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock valued at $2,172,000 after buying an additional 106,285 shares in the last quarter. Scalar Gauge Management LLC grew its stake in Backblaze by 6.4% during the 2nd quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock valued at $1,545,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Backblaze during the 3rd quarter valued at approximately $944,000. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Backblaze Company Profile

(Get Free Report)

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.

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