Backblaze (NASDAQ:BLZE) Given New $21.00 Price Target at Citizens Jmp

Key Points

• Citizens JMP raised Backblaze’s price target to $21 from $16 while maintaining a “market outperform” rating; the new target implies roughly 10% downside from the stock’s $23.32 opening price.
• Backblaze reported quarterly adjusted EPS of $0.08, beating the $0.02 consensus estimate, while revenue of $42.71 million exceeded expectations of $39.94 million.
• Analyst sentiment remains broadly positive, with eight Buy ratings and a consensus “Moderate Buy” rating, though the average price target is $15.21. Institutional investors own approximately 54% of the company.

Backblaze (NASDAQ:BLZE - Get Free Report) had its price target upped by equities research analysts at Citizens Jmp from $16.00 to $21.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. Citizens Jmp's price objective suggests a potential downside of 9.96% from the stock's current price.

A number of other analysts also recently commented on the stock. Wall Street Zen downgraded shares of Backblaze from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Citigroup restated a "market outperform" rating on shares of Backblaze in a research report on Thursday, July 23rd. Needham & Company LLC upped their price target on Backblaze from $14.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday. Weiss Ratings cut Backblaze from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, May 15th. Finally, Lake Street Capital increased their price objective on Backblaze from $11.00 to $14.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.21.

Backblaze Price Performance

Shares of Backblaze stock opened at $23.32 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The company's 50-day moving average price is $11.81 and its two-hundred day moving average price is $7.13. Backblaze has a 52 week low of $3.26 and a 52 week high of $19.05. The stock has a market cap of $1.40 billion, a PE ratio of -59.31 and a beta of 1.56.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.06. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The company had revenue of $42.71 million during the quarter, compared to the consensus estimate of $39.94 million. As a group, sell-side analysts anticipate that Backblaze will post -0.37 EPS for the current fiscal year.

Institutional Trading of Backblaze

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in Backblaze by 1,388.2% in the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company's stock worth $26,000 after acquiring an additional 5,178 shares in the last quarter. ProShare Advisors LLC acquired a new stake in Backblaze during the 4th quarter worth about $47,000. Oxford Asset Management LLP purchased a new position in Backblaze during the 4th quarter valued at about $47,000. M&T Bank Corp purchased a new position in Backblaze during the 4th quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of Backblaze in the 2nd quarter valued at about $58,000. Hedge funds and other institutional investors own 54.03% of the company's stock.

Backblaze News Summary

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Needham raises price target and maintains Buy rating: Needham & Company increased its price target for Backblaze from $14 to $23 while assigning a “Buy” rating, implying substantial potential upside from the current trading level. Benzinga report
• Positive Sentiment: Q2 results exceeded expectations: Backblaze reported adjusted earnings of $0.08 per share, compared with the $0.02 analyst consensus, while revenue reached $42.71 million versus expectations of $39.94 million. Revenue increased 18% year over year, led by 34% growth in the B2 cloud-storage business. Backblaze second-quarter financial results
• Positive Sentiment: Management raised revenue guidance: Backblaze expects third-quarter revenue of $44.4 million to $44.8 million, above the $41.2 million consensus estimate. Full-year 2026 revenue guidance of $172 million to $174 million also exceeds analysts’ $162.3 million forecast, signaling stronger demand for AI and data-intensive workloads. Financial Post earnings release
• Positive Sentiment: Large CoreWeave agreement supports AI growth: Backblaze highlighted a $335 million strategic agreement with CoreWeave, strengthening the investment case that demand for storage supporting artificial intelligence workloads can accelerate growth. Q2 2026 earnings call transcript
• Neutral Sentiment: Backblaze is presenting at the Ai4 2026 conference, which may increase visibility among AI-industry customers but does not immediately change financial guidance. Ai4 2026 presentation announcement

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.

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