Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $8.00

Shares of Backblaze, Inc. (NASDAQ:BLZE) have received a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $8.00.

Several analysts recently commented on BLZE shares. Craig Hallum cut Backblaze from a “buy” rating to a “hold” rating and set a $4.50 target price on the stock. in a research report on Tuesday, February 24th. Wall Street Zen upgraded Backblaze from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Loop Capital set a $8.00 target price on Backblaze in a research report on Tuesday, February 24th. B. Riley Financial upgraded Backblaze to a “strong-buy” rating in a research report on Thursday, April 2nd. Finally, Lake Street Capital raised their target price on Backblaze from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th.

Backblaze Trading Up 3.5%

NASDAQ:BLZE opened at $7.92 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $6.08 and its two-hundred day moving average is $4.97. Backblaze has a 52 week low of $3.26 and a 52 week high of $10.86. The company has a market cap of $475.99 million, a PE ratio of -20.31 and a beta of 1.72.

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

Hedge Funds Weigh In On Backblaze

Several hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after acquiring an additional 5,178 shares in the last quarter. ProShare Advisors LLC bought a new stake in shares of Backblaze during the 4th quarter worth $47,000. Oxford Asset Management LLP bought a new stake in shares of Backblaze during the 4th quarter worth $47,000. M&T Bank Corp bought a new stake in shares of Backblaze during the 4th quarter worth $49,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Backblaze during the 2nd quarter worth $58,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.