Backblaze (NASDAQ:BLZE) Price Target Raised to $11.00

Backblaze (NASDAQ:BLZE) had its target price hoisted by Craig Hallum from $10.00 to $11.00 in a research note released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Oppenheimer dropped their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th.

Backblaze Stock Performance

Shares of BLZE opened at $7.24 on Monday. The company has a market cap of $300.46 million, a price-to-earnings ratio of -5.10 and a beta of 1.02. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.34. Backblaze has a 12 month low of $4.83 and a 12 month high of $12.65. The business’s fifty day simple moving average is $6.41 and its two-hundred day simple moving average is $6.83.

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

Insider Buying and Selling at Backblaze

In other news, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $25,116.30. Following the transaction, the vice president now directly owns 153,440 shares of the company’s stock, valued at $989,688. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Tina Cessna sold 3,894 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 $25,116.30. Following the sale, the vice president now directly owns 153,440 shares in the company, valued at $989,688. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Barbara H. Nelson sold 16,000 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.79, for a total transaction of $108,640.00. Following the completion of the transaction, the director now directly owns 62,346 shares of the company’s stock, valued at $423,329.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,483 shares of company stock valued at $311,530. Company insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BLZE. The Manufacturers Life Insurance Company bought a new position in shares of Backblaze during the second quarter worth $102,000. SG Americas Securities LLC boosted its stake in Backblaze by 84.1% during the second quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after buying an additional 9,720 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in Backblaze during the 1st quarter valued at approximately $154,000. Tempus Wealth Planning LLC bought a new stake in Backblaze in the 3rd quarter worth approximately $157,000. Finally, Lazard Asset Management LLC increased its stake in Backblaze by 165.7% in the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock worth $185,000 after acquiring an additional 11,289 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.