Oppenheimer Cuts Backblaze (NASDAQ:BLZE) Price Target to $10.00

Backblaze (NASDAQ:BLZE) had its price target cut by analysts at Oppenheimer from $11.00 to $10.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price target points to a potential upside of 55.52% from the stock’s previous close.

Backblaze Trading Up 23.9 %

NASDAQ:BLZE traded up $1.24 during trading hours on Friday, reaching $6.43. 324,620 shares of the company were exchanged, compared to its average volume of 381,577. The stock has a 50 day simple moving average of $6.10 and a 200 day simple moving average of $8.16. Backblaze has a 52-week low of $4.19 and a 52-week high of $12.65. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $266.85 million, a price-to-earnings ratio of -4.47 and a beta of 1.03.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Wednesday, May 8th. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. Backblaze had a negative net margin of 48.62% and a negative return on equity of 105.67%. The business had revenue of $29.97 million for the quarter, compared to the consensus estimate of $29.75 million. As a group, analysts predict that Backblaze will post -1.07 EPS for the current year.

Insider Activity

In other news, CFO Francis P. Patchel sold 10,328 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $6.45, for a total value of $66,615.60. Following the transaction, the chief financial officer now owns 162,653 shares of the company’s stock, valued at approximately $1,049,111.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 20,058 shares of company stock valued at $131,703. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

A number of large investors have recently added to or reduced their stakes in BLZE. AJOVista LLC acquired a new stake in Backblaze during the 4th quarter valued at $67,000. Dynamic Technology Lab Private Ltd acquired a new stake in Backblaze during the 4th quarter valued at $76,000. SG Americas Securities LLC grew its holdings in Backblaze by 84.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after purchasing an additional 9,720 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Backblaze during the 1st quarter valued at $154,000. Finally, Lazard Asset Management LLC grew its holdings in Backblaze by 165.7% during the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock valued at $185,000 after purchasing an additional 11,289 shares in the last quarter. 54.03% of the stock is 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.