Backblaze (NASDAQ:BLZE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Backblaze (NASDAQ:BLZE) from a hold rating to a buy rating in a research note released on Saturday morning.

Several other equities research analysts have also commented on BLZE. Citizens Jmp boosted their price objective on shares of Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a research report on Tuesday, August 4th. Lake Street Capital reissued a “buy” rating and issued a $21.00 price objective on shares of Backblaze in a research note on Tuesday, August 4th. B. Riley Financial raised their target price on shares of Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Needham & Company LLC lifted their target price on shares of Backblaze from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Finally, Oppenheimer upped their price target on shares of Backblaze from $15.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Backblaze currently has an average rating of “Moderate Buy” and a consensus price target of $19.71.

Backblaze Stock Performance

NASDAQ BLZE opened at $19.27 on Friday. Backblaze has a 1-year low of $3.26 and a 1-year high of $23.99. The company has a market capitalization of $1.19 billion, a P/E ratio of -56.67 and a beta of 1.56. The business has a 50 day moving average price of $12.88 and a 200 day moving average price of $7.62. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.00 and a quick ratio of 1.00.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. The company had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. Sell-side analysts expect that Backblaze will post -0.37 EPS for the current fiscal year.

Institutional Trading of Backblaze

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its position in Backblaze by 44.6% during the first quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after purchasing an additional 361,905 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of Backblaze during the 4th quarter valued at $699,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Backblaze by 56.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company’s stock worth $1,037,000 after buying an additional 107,876 shares during the last quarter. GSA Capital Partners LLP increased its holdings in shares of Backblaze by 159.7% during the 4th quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock worth $1,394,000 after buying an additional 184,015 shares during the last quarter. Finally, Nano Cap New Millennium Growth Fund L P purchased a new position in shares of Backblaze in the 4th quarter worth $1,165,000. 54.03% of the stock is currently 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.