Backblaze (NASDAQ:BLZE) Price Target Raised to $14.00

Backblaze (NASDAQ:BLZE) had its target price boosted by Raymond James from $13.00 to $14.00 in a research report report published on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the stock.

A number of other research firms have also recently commented on BLZE. Oppenheimer lowered their price target on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Craig Hallum boosted their target price on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, October 21st.

Backblaze Stock Performance

Shares of Backblaze stock opened at $6.86 on Friday. The firm has a market capitalization of $294.29 million, a P/E ratio of -5.44 and a beta of 0.99. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.34. The business’s fifty day simple moving average is $6.64 and its 200 day simple moving average is $6.66. Backblaze has a 12 month low of $4.91 and a 12 month high of $12.65.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.13). The company had revenue of $31.29 million for the quarter, compared to the consensus estimate of $30.93 million. Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. During the same quarter in the previous year, the company posted ($0.38) EPS. As a group, analysts anticipate that Backblaze will post -0.99 EPS for the current year.

Insider Buying and Selling

In other news, VP Tina Cessna sold 3,894 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the transaction, the vice president now owns 153,440 shares of the company’s stock, valued at approximately $989,688. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Gleb Budman sold 4,527 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total transaction of $29,199.15. Following the sale, the chief executive officer now owns 1,874,967 shares in the company, valued at approximately $12,093,537.15. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Tina Cessna sold 3,894 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $25,116.30. Following the completion of the transaction, the vice president now owns 153,440 shares of the company’s stock, valued at $989,688. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,483 shares of company stock valued at $311,530. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

A number of large investors have recently modified their holdings of BLZE. First Eagle Investment Management LLC lifted its holdings in shares of Backblaze by 50.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after acquiring an additional 367,500 shares during the last quarter. Acadian Asset Management LLC boosted its position in Backblaze by 117.0% during the first quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after buying an additional 371,851 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Backblaze by 45.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock valued at $2,172,000 after buying an additional 106,285 shares during the last quarter. Scalar Gauge Management LLC increased its holdings in shares of Backblaze by 6.4% in the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock worth $1,545,000 after buying an additional 15,000 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Backblaze in the 3rd quarter valued at about $944,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.