Citizens Jmp Forecasts Strong Price Appreciation for Backblaze (NASDAQ:BLZE) Stock

Backblaze (NASDAQ:BLZE) had its price objective increased by equities researchers at Citizens Jmp from $8.00 to $14.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price target suggests a potential upside of 20.07% from the stock’s current price.

A number of other equities analysts have also commented on BLZE. Oppenheimer dropped their price target on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research report on Tuesday, February 24th. Loop Capital set a $8.00 price target on shares of Backblaze in a report on Tuesday, February 24th. Wall Street Zen upgraded shares of Backblaze from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Needham & Company LLC upped their price objective on Backblaze from $8.50 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings cut Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.29.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $11.66 on Wednesday. Backblaze has a 1 year low of $3.26 and a 1 year high of $11.85. The business has a fifty day simple moving average of $6.80 and a 200 day simple moving average of $5.18. 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 firm has a market cap of $700.77 million, a price-to-earnings ratio of -29.90 and a beta of 1.72.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The business 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, sell-side analysts predict that Backblaze will post -0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Backblaze by 5.2% in the third quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock valued at $24,996,000 after buying an additional 134,034 shares during the period. Wasatch Advisors LP bought a new stake in shares of Backblaze in the third quarter worth $17,021,000. Pillsbury Lake Capital LLC acquired a new position in Backblaze during the fourth quarter worth $8,058,000. Whetstone Capital Advisors LLC grew its position in Backblaze by 4.1% in the fourth quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock valued at $7,083,000 after purchasing an additional 59,263 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Backblaze by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,341,863 shares of the company’s stock valued at $6,255,000 after buying an additional 53,583 shares during the last quarter. Institutional investors own 54.03% of the company’s stock.

More Backblaze News

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Backblaze announced a five-year, multi-exabyte storage agreement with CoreWeave worth $335 million, signaling strong demand for its cloud storage platform and potentially boosting future revenue. Backblaze Announces Five-Year Multi-Exabyte Data Storage Agreement with CoreWeave
• Positive Sentiment: Craig Hallum upgraded Backblaze from hold to buy and lifted its price target to $16 from $6.50, while Needham also raised its target to $14 and reiterated a buy rating, reflecting improved confidence in the company’s outlook. Analyst price target and rating updates
• Positive Sentiment: Shares saw unusual options activity, with call volume surging well above normal, suggesting traders were positioning for further upside on the CoreWeave news. Backblaze Announces Five-Year Multi-Exabyte Data Storage Agreement with CoreWeave
• Neutral Sentiment: William Blair upgraded Backblaze from underperform to market perform, a less bullish move than the other recent analyst actions but still a sign that sentiment is improving. Backblaze upgraded by William Blair

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.