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

Backblaze (NASDAQ:BLZE) had its price objective upped by investment 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 firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 20.07% from the stock’s current price.

Several other equities analysts have also weighed in on BLZE. Citizens Jmp reaffirmed a “market outperform” rating and set a $8.00 target price on shares of Backblaze in a report on Tuesday, May 5th. Oppenheimer cut their price objective on Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a research report on Tuesday, February 24th. Citigroup reissued an “outperform” rating on shares of Backblaze in a research note on Wednesday. Lake Street Capital upped their price objective on shares of Backblaze from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.43.

Backblaze Trading Up 43.6%

Shares of Backblaze stock opened at $11.66 on Wednesday. The stock has a market cap of $700.77 million, a PE ratio of -29.90 and a beta of 1.72. The firm has a fifty day moving average price of $6.80 and a 200 day moving average price of $5.18. Backblaze has a 1 year low of $3.26 and a 1 year high of $11.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. Equities research analysts predict that Backblaze will post -0.33 earnings per share for the current year.

Hedge Funds Weigh In On Backblaze

Several hedge funds and other institutional investors have recently made changes to their positions in BLZE. AQR Capital Management LLC purchased a new stake in shares of Backblaze during the first quarter worth approximately $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Backblaze by 17.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock valued at $131,000 after purchasing an additional 4,060 shares in the last quarter. Millennium Management LLC lifted its holdings in Backblaze by 32.5% in the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company’s stock valued at $3,987,000 after purchasing an additional 202,609 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Backblaze by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock worth $1,264,000 after purchasing an additional 55,720 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Backblaze by 13.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company’s stock worth $6,428,000 after purchasing an additional 139,429 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.