Analysts Set Backblaze, Inc. (NASDAQ:BLZE) PT at $7.21

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $7.2143.

BLZE has been the subject of several recent research reports. Craig Hallum lowered shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price target for the company. in a report on Tuesday, February 24th. B. Riley Financial cut their price objective on shares of Backblaze from $9.00 to $7.50 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Needham & Company LLC lowered their target price on Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Oppenheimer dropped their target price on Backblaze from $9.50 to $8.50 and set an “outperform” rating on the stock in a research report on Tuesday, February 24th. Finally, Loop Capital set a $8.00 price target on Backblaze in a research report on Tuesday, February 24th.

Backblaze Stock Up 0.3%

NASDAQ:BLZE opened at $3.89 on Friday. 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 $3.67 and a 1-year high of $10.86. The company has a 50-day moving average of $4.53 and a 200 day moving average of $6.58. The firm has a market cap of $224.45 million, a PE ratio of -8.46 and a beta of 1.30.

Institutional Trading of Backblaze

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted 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 buying an additional 5,178 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in Backblaze by 39.9% during the second 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 during the last quarter. Global Retirement Partners LLC purchased a new stake in Backblaze during the third quarter valued at approximately $47,000. ProShare Advisors LLC acquired a new stake in Backblaze in the fourth quarter valued at approximately $47,000. Finally, Oxford Asset Management LLP purchased a new position in Backblaze in the fourth quarter worth $47,000. 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.