Backblaze (NASDAQ:BLZE) PT Raised to $13.00

Backblaze (NASDAQ:BLZE) had its price objective boosted by analysts at Oppenheimer from $11.00 to $13.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price objective indicates a potential upside of 42.23% from the company’s current price.

Several other brokerages also recently issued reports on BLZE. B. Riley boosted their price objective on Backblaze from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Raymond James lifted their price objective on shares of Backblaze from $12.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th.

Backblaze Stock Up 0.3 %

Shares of NASDAQ BLZE traded up $0.03 during midday trading on Wednesday, reaching $9.14. 99,397 shares of the company’s stock were exchanged, compared to its average volume of 376,225. Backblaze has a 52-week low of $3.50 and a 52-week high of $12.65. The stock has a market capitalization of $376.57 million, a PE ratio of -5.55 and a beta of 1.20. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.67 and a current ratio of 0.67. The business’s fifty day moving average price is $10.22 and its two-hundred day moving average price is $7.96.

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

Insider Activity

In other news, VP Tina Cessna sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $9.95, for a total transaction of $199,000.00. Following the transaction, the vice president now directly owns 121,083 shares in the company, valued at approximately $1,204,775.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Gleb Budman sold 50,000 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $10.66, for a total value of $533,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,698,715 shares in the company, valued at $18,108,301.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Tina Cessna sold 20,000 shares of the company’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $9.95, for a total transaction of $199,000.00. Following the completion of the sale, the vice president now owns 121,083 shares of the company’s stock, valued at $1,204,775.85. The disclosure for this sale can be found here. Insiders have sold a total of 81,429 shares of company stock worth $851,676 in the last ninety days. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Backblaze by 8.8% during 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 lifted its position in Backblaze by 50.6% during 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 lifted its position in Backblaze by 46.3% during 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 raised its position in shares of Backblaze by 2.1% during the first quarter. Gilder Gagnon Howe & Co. LLC now owns 395,764 shares of the company’s stock valued at $1,999,000 after buying an additional 8,133 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Backblaze by 149.7% during the second quarter. BlackRock Inc. now owns 296,600 shares of the company’s stock valued at $1,284,000 after buying an additional 177,797 shares during the last quarter. Institutional investors and hedge funds 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.