Analysts Set Backblaze, Inc. (NASDAQ:BLZE) Target Price at $9.33

Backblaze, Inc. (NASDAQ:BLZE) has earned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $9.3333.

Several analysts have weighed in on BLZE shares. Oppenheimer boosted their price target on shares of Backblaze from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Needham & Company LLC decreased their price objective on Backblaze from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Raymond James Financial restated an “outperform” rating on shares of Backblaze in a report on Thursday, November 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a research report on Wednesday, January 21st.

Backblaze Stock Performance

NASDAQ:BLZE opened at $4.10 on Wednesday. The company has a market capitalization of $236.57 million, a price-to-earnings ratio of -6.12 and a beta of 1.28. The business has a 50 day moving average of $4.76 and a 200 day moving average of $6.81. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.10 and a quick ratio of 1.10. Backblaze has a 1-year low of $3.94 and a 1-year high of $10.86.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.04. Backblaze had a negative net margin of 24.37% and a negative return on equity of 36.40%. The firm had revenue of $37.16 million for the quarter, compared to the consensus estimate of $36.93 million. On average, sell-side analysts predict that Backblaze will post -1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. boosted its position in Backblaze by 39.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock valued at $30,000 after acquiring an additional 1,559 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Backblaze by 8.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after purchasing an additional 2,229 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Backblaze by 34.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company’s stock valued at $59,000 after purchasing an additional 2,786 shares during the period. Cerity Partners LLC boosted its position in shares of Backblaze by 3.6% during the second quarter. Cerity Partners LLC now owns 109,001 shares of the company’s stock valued at $600,000 after purchasing an additional 3,763 shares in the last quarter. Finally, CWM LLC grew its stake in Backblaze by 81.1% in the second quarter. CWM LLC now owns 8,957 shares of the company’s stock worth $49,000 after purchasing an additional 4,012 shares during the period. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.