Backblaze, Inc. (NASDAQ:BLZE) Receives $10.07 Average Price Target from Analysts

Backblaze, Inc. (NASDAQ:BLZE) has been given an average recommendation of “Buy” by the seven analysts that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $10.0714.

Several research firms have commented on BLZE. Needham & Company LLC increased their target price on shares of Backblaze from $7.00 to $8.50 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Citizens Jmp began coverage on shares of Backblaze in a research report on Tuesday, June 24th. They set a “strong-buy” rating and a $7.00 target price on the stock. Finally, JMP Securities increased their target price on shares of Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently made changes to their positions in BLZE. JPMorgan Chase & Co. grew its position in shares of Backblaze by 114.7% in the fourth quarter. JPMorgan Chase & Co. now owns 269,074 shares of the company’s stock valued at $1,620,000 after purchasing an additional 143,754 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Backblaze by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock valued at $5,273,000 after purchasing an additional 11,267 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Backblaze by 28.5% in the fourth quarter. Wells Fargo & Company MN now owns 28,684 shares of the company’s stock valued at $173,000 after purchasing an additional 6,357 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Backblaze by 40.7% in the fourth quarter. Renaissance Technologies LLC now owns 545,513 shares of the company’s stock valued at $3,284,000 after buying an additional 157,897 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Backblaze in the fourth quarter valued at about $1,618,000. 54.03% of the stock is owned by institutional investors and hedge funds.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $7.68 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.24. Backblaze has a 1 year low of $3.94 and a 1 year high of $8.16. The business has a fifty day simple moving average of $5.61 and a 200 day simple moving average of $5.56. The firm has a market cap of $433.92 million, a price-to-earnings ratio of -8.63 and a beta of 1.13.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07). The business had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%. As a group, sell-side analysts predict that Backblaze will post -1.02 earnings per share for the current fiscal year.

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.