Backblaze (NASDAQ:BLZE) Price Target Cut to $11.00 by Analysts at Lake Street Capital

Backblaze (NASDAQ:BLZE) had its price objective dropped by research analysts at Lake Street Capital from $12.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s target price points to a potential upside of 70.28% from the company’s current price.

BLZE has been the subject of several other reports. Raymond James upped their price target on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. B. Riley dropped their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $11.40.

Backblaze Price Performance

Shares of Backblaze stock opened at $6.46 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze has a 52-week low of $4.91 and a 52-week high of $12.65. The company has a fifty day moving average of $6.52 and a 200-day moving average of $6.57. The stock has a market capitalization of $286.82 million, a price-to-earnings ratio of -5.82 and a beta of 0.92.

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently modified their holdings of BLZE. R Squared Ltd purchased a new position in Backblaze during the 4th quarter valued at about $38,000. Tower Research Capital LLC TRC lifted its holdings in Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after buying an additional 5,293 shares during the period. ProShare Advisors LLC bought a new stake in shares of Backblaze in the 4th quarter worth approximately $68,000. Quantbot Technologies LP increased its stake in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after buying an additional 4,393 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Backblaze by 15.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after acquiring an additional 1,992 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.