Backblaze (NASDAQ:BLZE) Price Target Raised to $16.00

Backblaze (NASDAQ:BLZE) had its price target lifted by Citizens Jmp from $14.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective points to a potential upside of 21.35% from the stock’s previous close.

Several other research firms also recently weighed in on BLZE. William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. B. Riley Financial lifted their price objective on shares of Backblaze from $7.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and increased their target price for the company from $6.50 to $16.00 in a report on Tuesday, June 23rd. Lake Street Capital upped their price target on Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Wall Street Zen downgraded Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.21.

Backblaze Price Performance

NASDAQ BLZE opened at $13.19 on Thursday. Backblaze has a 12 month low of $3.26 and a 12 month high of $18.25. The firm has a market capitalization of $792.42 million, a PE ratio of -34.50 and a beta of 1.55. The company’s 50 day simple moving average is $10.95 and its 200 day simple moving average is $6.69. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share (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 company had revenue of $38.67 million for the quarter, compared to analysts’ expectations of $37.78 million. As a group, equities research analysts forecast that Backblaze will post -0.37 EPS for the current fiscal year.

Institutional Trading of Backblaze

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in shares of Backblaze by 1,388.2% in 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 in the last quarter. ProShare Advisors LLC bought a new stake in Backblaze in the fourth quarter valued at approximately $47,000. Oxford Asset Management LLP bought a new stake in Backblaze in the fourth quarter valued at approximately $47,000. M&T Bank Corp bought a new position in shares of Backblaze during the 4th quarter worth approximately $49,000. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Backblaze during the 2nd quarter worth approximately $58,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.