Backblaze (NASDAQ:BLZE) PT Raised to $13.00

Backblaze (NASDAQ:BLZE) had its price target raised by equities researchers at Oppenheimer from $11.00 to $13.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective indicates a potential upside of 42.39% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Raymond James lifted their target price on Backblaze from $12.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. B. Riley lifted their target price on Backblaze from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 9th.

Backblaze Trading Up 0.1 %

Shares of NASDAQ BLZE opened at $9.13 on Wednesday. The company has a market cap of $376.16 million, a price-to-earnings ratio of -5.53 and a beta of 1.20. Backblaze has a 12-month low of $3.50 and a 12-month high of $12.65. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.39. The stock’s 50 day simple moving average is $10.23 and its 200 day simple moving average is $7.98.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.04. The business had revenue of $28.74 million for the quarter, compared to the consensus estimate of $28.18 million. Backblaze had a negative return on equity of 105.94% and a negative net margin of 57.70%. Equities research analysts expect that Backblaze will post -1.12 EPS for the current year.

Insider Activity

In other news, CFO Francis P. Patchel sold 2,396 shares of Backblaze stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $10.85, for a total transaction of $25,996.60. Following the transaction, the chief financial officer now directly owns 184,165 shares in the company, valued at approximately $1,998,190.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Francis P. Patchel sold 3,434 shares of Backblaze stock in a transaction on Monday, February 26th. The stock was sold at an average price of $9.84, for a total transaction of $33,790.56. Following the transaction, the chief financial officer now directly owns 178,575 shares in the company, valued at approximately $1,757,178. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Francis P. Patchel sold 2,396 shares of Backblaze stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $10.85, for a total value of $25,996.60. Following the transaction, the chief financial officer now owns 184,165 shares in the company, valued at $1,998,190.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,429 shares of company stock worth $851,676. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Backblaze by 8.8% in the 4th quarter. Vanguard Group Inc. now owns 1,637,064 shares of the company’s stock worth $12,425,000 after acquiring an additional 132,263 shares during the last quarter. Whetstone Capital Advisors LLC grew its holdings in shares of Backblaze by 50.6% in the 2nd quarter. Whetstone Capital Advisors LLC now owns 1,600,789 shares of the company’s stock worth $6,931,000 after acquiring an additional 537,565 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in shares of Backblaze by 46.3% in the 4th quarter. First Eagle Investment Management LLC now owns 659,515 shares of the company’s stock worth $5,006,000 after acquiring an additional 208,759 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Backblaze by 2.1% in the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 395,764 shares of the company’s stock worth $1,999,000 after acquiring an additional 8,133 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Backblaze by 149.7% in the 2nd quarter. BlackRock Inc. now owns 296,600 shares of the company’s stock worth $1,284,000 after acquiring an additional 177,797 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

About Backblaze

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.