Analysts Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $8.00

Backblaze, Inc. (NASDAQ:BLZE) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $8.00.

Several research analysts recently commented on the stock. William Blair reaffirmed an “underperform” rating on shares of Backblaze in a research note on Monday, March 23rd. Craig Hallum cut shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price objective for the company. in a research report on Tuesday, February 24th. Needham & Company LLC upped their target price on shares of Backblaze from $6.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. B. Riley Financial raised shares of Backblaze to a “strong-buy” rating in a research report on Thursday, April 2nd. Finally, Weiss Ratings lowered Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th.

Backblaze Trading Down 0.8%

BLZE opened at $7.37 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s 50 day moving average price is $4.70 and its 200-day moving average price is $4.75. Backblaze has a one year low of $3.26 and a one year high of $10.86. The stock has a market cap of $442.94 million, a price-to-earnings ratio of -18.90 and a beta of 1.41.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $37.78 million. On average, equities analysts forecast that Backblaze will post -0.33 EPS for the current year.

Institutional Investors Weigh In On Backblaze

Large investors have recently modified their holdings of the business. AQR Capital Management LLC purchased a new position in Backblaze during the first quarter valued at approximately $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Backblaze by 17.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock worth $131,000 after buying an additional 4,060 shares during the period. Millennium Management LLC lifted its holdings in Backblaze by 32.5% during the first quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock worth $3,987,000 after buying an additional 202,609 shares during the period. Goldman Sachs Group Inc. boosted its position in Backblaze by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock valued at $1,264,000 after acquiring an additional 55,720 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Backblaze by 13.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company’s stock valued at $6,428,000 after acquiring an additional 139,429 shares in the last quarter. Institutional investors own 54.03% of the company’s stock.

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.