Backblaze (NASDAQ:BLZE) Price Target Raised to $11.00

Backblaze (NASDAQ:BLZE) had its target price boosted by Craig Hallum from $10.00 to $11.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Oppenheimer lowered their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 9th.

Backblaze Price Performance

Backblaze stock opened at $7.22 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.61 and a current ratio of 0.61. Backblaze has a 52 week low of $4.83 and a 52 week high of $12.65. The stock has a market capitalization of $299.63 million, a P/E ratio of -5.08 and a beta of 1.02. The stock has a fifty day moving average of $6.42 and a 200-day moving average of $6.84.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.13). Backblaze had a negative return on equity of 104.71% and a negative net margin of 42.34%. The business had revenue of $31.29 million for the quarter, compared to analyst estimates of $30.93 million. During the same period last year, the firm posted ($0.38) EPS. On average, sell-side analysts expect that Backblaze will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Barbara H. Nelson sold 16,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.79, for a total value of $108,640.00. Following the completion of the sale, the director now owns 62,346 shares of the company’s stock, valued at approximately $423,329.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Barbara H. Nelson sold 16,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.79, for a total value of $108,640.00. Following the completion of the sale, the director now owns 62,346 shares of the company’s stock, valued at approximately $423,329.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Tina Cessna sold 3,894 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the completion of the sale, the vice president now directly owns 153,440 shares of the company’s stock, valued at approximately $989,688. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,483 shares of company stock valued at $311,530. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

Several large investors have recently added to or reduced their stakes in the business. Tempus Wealth Planning LLC acquired a new stake in Backblaze during the third quarter worth approximately $157,000. The Manufacturers Life Insurance Company acquired a new stake in Backblaze during the second quarter worth approximately $102,000. Scalar Gauge Management LLC grew its stake in Backblaze by 6.4% during the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock worth $1,545,000 after purchasing an additional 15,000 shares during the period. XTX Topco Ltd grew its stake in Backblaze by 90.7% during the second quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock worth $215,000 after purchasing an additional 16,577 shares during the period. Finally, First Eagle Investment Management LLC grew its stake in Backblaze by 50.6% during the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after purchasing an additional 367,500 shares during the period. Institutional investors and hedge funds own 54.03% of the company’s stock.

About Backblaze

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.