Backblaze, Inc. (NASDAQ:BLZE) Receives $8.00 Average Target Price from Brokerages

Backblaze, Inc. (NASDAQ:BLZE) has earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $8.00.

Several equities analysts recently commented on the company. Citigroup reiterated a “market outperform” rating on shares of Backblaze in a research note on Tuesday, February 24th. Wall Street Zen raised shares of Backblaze from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. William Blair reissued an “underperform” rating on shares of Backblaze in a report on Monday, March 23rd. Lake Street Capital boosted their target price on shares of Backblaze from $8.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Finally, Citizens Jmp reissued a “market outperform” rating and set a $8.00 target price on shares of Backblaze in a report on Tuesday, May 5th.

Institutional Investors Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently bought and sold shares of BLZE. Royal Bank of Canada raised its holdings in Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock valued at $26,000 after acquiring an additional 5,178 shares during the period. Global Retirement Partners LLC bought a new stake in Backblaze during the 3rd quarter valued at $47,000. ProShare Advisors LLC bought a new stake in Backblaze during the 4th quarter valued at $47,000. Oxford Asset Management LLP bought a new stake in Backblaze during the 4th quarter valued at $47,000. Finally, M&T Bank Corp bought a new stake in Backblaze during the 4th quarter valued at $49,000. Institutional investors own 54.03% of the company’s stock.

Backblaze Price Performance

Backblaze stock opened at $7.51 on Friday. Backblaze has a 12 month low of $3.26 and a 12 month high of $10.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $4.55 and its 200 day simple moving average is $4.79. The company has a market cap of $451.35 million, a price-to-earnings ratio of -19.26 and a beta of 1.41.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%.The business had revenue of $38.67 million for the quarter, compared to the consensus estimate of $37.78 million. Sell-side analysts forecast that Backblaze will post -0.33 EPS for the current year.

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.