Backblaze, Inc. (BLZE) – What Are Brokerages Saying About This Stock?

Backblaze, Inc. (NASDAQ:BLZE) has received an average rating of “Moderate Buy” from the nine brokerages that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $18.57.

Several research analysts recently commented on BLZE shares. Oppenheimer lifted their price target on Backblaze from $15.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Lake Street Capital restated a “buy” rating and set a $21.00 price objective on shares of Backblaze in a research report on Tuesday, August 4th. William Blair reaffirmed a “market perform” rating on shares of Backblaze in a research note on Friday, October 2nd. B. Riley Financial raised their price objective on Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Finally, Citigroup reiterated a “market outperform” rating on shares of Backblaze in a report on Tuesday, November 3rd.

Insider Buying and Selling at Backblaze

In related news, CFO Marc Suidan sold 2,110 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the completion of the sale, the chief financial officer directly owned 349,518 shares in the company, valued at $5,529,374.76. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gleb Budman sold 12,855 shares of Backblaze stock in a transaction on Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $203,366.10. Following the transaction, the chief executive officer directly owned 2,192,103 shares of the company’s stock, valued at $34,679,069.46. The trade was a 0.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

A number of large investors have recently made changes to their positions in BLZE. Allworth Financial LP boosted its position in shares of Backblaze by 83.8% during the second quarter. Allworth Financial LP now owns 1,726 shares of the company’s stock valued at $27,000 after buying an additional 787 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Backblaze by 842.2% in the third quarter. Sterling Capital Management LLC now owns 1,941 shares of the company’s stock worth $27,000 after buying an additional 1,735 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Backblaze in the third quarter worth approximately $26,000. State of Alaska Department of Revenue bought a new stake in shares of Backblaze during the 3rd quarter worth approximately $55,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Backblaze by 25.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 21,358 shares of the company’s stock worth $299,000 after acquiring an additional 4,365 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Stock Performance

Backblaze stock opened at $7.99 on Friday. The firm’s fifty day moving average is $11.48 and its 200 day moving average is $9.31. The company has a quick ratio of 3.17, a current ratio of 3.17 and a debt-to-equity ratio of 2.82. Backblaze has a 52-week low of $3.26 and a 52-week high of $23.99.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Monday, November 2nd. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.04. The business had revenue of $46.65 million during the quarter, compared to analysts’ expectations of $44.59 million. Backblaze had a negative net margin of 11.47% and a negative return on equity of 13.34%. As a group, equities research analysts predict that Backblaze will post -0.28 EPS for the current fiscal year.

About Backblaze

Backblaze, Inc. provides cloud storage and data-protection services for individuals and businesses. Its offerings include Backblaze Computer Backup, which backs up files from computers, and Backblaze B2 Cloud Storage, an object-storage service used to store and manage data. Founded in 2007, the company serves customers around the world through its cloud platform. B2 Cloud Storage supports integrations with a range of software and storage tools, while the company’s backup services are designed to help customers protect and restore data.