Analysts Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $11.40

Backblaze, Inc. (NASDAQ:BLZE) has been assigned a consensus recommendation of “Buy” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $10.83.

Several analysts have weighed in on BLZE shares. Needham & Company LLC started coverage on shares of Backblaze in a research note on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price target for the company. Lake Street Capital lowered their price target on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Finally, B. Riley lowered their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th.

Hedge Funds Weigh In On Backblaze

Hedge funds and other institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. increased its position in shares of Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after buying an additional 2,682,480 shares during the period. AIGH Capital Management LLC purchased a new position in shares of Backblaze during the fourth quarter valued at about $10,836,000. First Eagle Investment Management LLC increased its position in shares of Backblaze by 4.5% during the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock valued at $6,986,000 after buying an additional 49,800 shares during the period. Geode Capital Management LLC increased its position in shares of Backblaze by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock valued at $5,273,000 after buying an additional 11,267 shares during the period. Finally, Millennium Management LLC increased its position in shares of Backblaze by 21.2% during the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock valued at $3,749,000 after buying an additional 108,884 shares during the period. 54.03% of the stock is owned by institutional investors.

Backblaze Stock Up 4.0 %

Shares of NASDAQ:BLZE opened at $5.18 on Tuesday. Backblaze has a 52-week low of $4.91 and a 52-week high of $10.84. The firm has a fifty day moving average of $6.36 and a 200 day moving average of $6.50. The firm has a market capitalization of $229.99 million, a PE ratio of -4.67 and a beta of 0.89. 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 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.