Backblaze (NASDAQ:BLZE) Price Target Raised to $14.00 at Needham & Company LLC

Backblaze (NASDAQ:BLZE) had its price target raised by equities research analysts at Needham & Company LLC from $8.50 to $14.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 20.07% from the company’s current price.

BLZE has been the topic of a number of other research reports. Oppenheimer lowered their price objective on Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. Loop Capital set a $8.00 target price on Backblaze in a research note on Tuesday, February 24th. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and lifted their price target for the stock from $6.50 to $16.00 in a report on Tuesday. Wall Street Zen raised shares of Backblaze from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, B. Riley Financial raised shares of Backblaze to a “strong-buy” rating in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.43.

Backblaze Trading Up 43.6%

BLZE opened at $11.66 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50 day simple moving average is $6.80 and its two-hundred day simple moving average is $5.18. Backblaze has a 1-year low of $3.26 and a 1-year high of $11.85. The firm has a market capitalization of $700.77 million, a price-to-earnings ratio of -29.90 and a beta of 1.72.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Monday, May 4th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The business had revenue of $38.67 million for 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%. Analysts expect that Backblaze will post -0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Backblaze

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in 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 purchasing an additional 5,178 shares during the last quarter. ProShare Advisors LLC purchased a new position in shares of Backblaze during the fourth quarter worth $47,000. Oxford Asset Management LLP acquired a new stake in shares of Backblaze in the fourth quarter valued at $47,000. M&T Bank Corp acquired a new position in Backblaze during the 4th quarter worth about $49,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Backblaze in the 2nd quarter valued at about $58,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.