Backblaze, Inc. (NASDAQ:BLZE) Receives $19.71 Consensus Target Price from Brokerages

Shares of Backblaze, Inc. (NASDAQ:BLZE) have received an average recommendation of “Moderate Buy” from the ten analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $19.7143.

A number of equities research analysts have weighed in on the stock. Citigroup reissued a “market outperform” rating on shares of Backblaze in a report on Monday, September 14th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 target price on shares of Backblaze in a report on Thursday, September 10th. B. Riley Financial increased their target price on shares of Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. William Blair upgraded shares of Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Backblaze in a research report on Wednesday, August 12th.

Insider Buying and Selling at Backblaze

In related news, 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 value of $203,366.10. Following the transaction, the chief executive officer directly owned 2,192,103 shares in the company, valued at $34,679,069.46. The trade was a 0.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Marc Suidan sold 2,110 shares of the business’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 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. 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. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BLZE. Dimensional Fund Advisors LP raised its holdings in shares of Backblaze by 152.3% during the first quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company’s stock worth $1,785,000 after acquiring an additional 312,459 shares in the last quarter. Renaissance Technologies LLC increased its position in Backblaze by 44.6% in the 1st 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. AWM Investment Company Inc. acquired a new position in Backblaze in the 2nd quarter worth about $22,207,000. Arrowstreet Capital Limited Partnership raised its stake 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 purchasing an additional 107,876 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Backblaze during the 2nd quarter worth about $3,074,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Stock Up 3.3%

BLZE opened at $13.60 on Thursday. Backblaze has a one year low of $3.26 and a one year high of $23.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s fifty day moving average is $14.95 and its 200-day moving average is $9.90. The company has a market capitalization of $841.84 million, a PE ratio of -40.00 and a beta of 1.56.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. The business had revenue of $42.71 million during the quarter, compared to analysts’ expectations of $39.94 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. On average, equities analysts predict that Backblaze will post -0.28 EPS for the current fiscal year.

Backblaze Company Profile

Backblaze, Inc provides cloud storage and data backup services for businesses, developers and individual users. Its platform is designed to help customers store, protect, manage and recover data through scalable cloud-based infrastructure.

The company’s principal offerings include Backblaze B2 Cloud Storage, an object-storage service used for applications, content distribution, backup, archiving and disaster recovery, and Backblaze Computer Backup, which helps individuals and organizations back up data from computers.