Backblaze (NASDAQ:BLZE) Price Target Raised to $23.00

Key Points

• Needham raised Backblaze’s price target to $23 from $14 and maintained a “buy” rating, implying 47.53% upside from the prior close.
• Analyst sentiment remains generally positive: eight analysts rate the stock a Buy, one a Hold, and one a Sell, producing a “Moderate Buy” consensus and an average target of $14.50.
• Backblaze exceeded quarterly expectations, reporting $0.08 earnings per share versus the $0.02 consensus and revenue of $42.71 million versus $39.94 million expected; shares opened at $15.59 after rising 13.6%.

Backblaze (NASDAQ:BLZE - Get Free Report) had its price target boosted by equities researchers at Needham & Company LLC from $14.00 to $23.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 47.53% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Backblaze from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Citizens Jmp increased their target price on shares of Backblaze from $14.00 to $16.00 and gave the company a "market outperform" rating in a research report on Thursday, July 23rd. Lake Street Capital raised their target price on shares of Backblaze from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. B. Riley Financial lifted their price target on shares of Backblaze from $7.00 to $16.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Backblaze in a research report on Thursday, July 23rd. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Backblaze has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

Backblaze Trading Up 13.6%

Shares of NASDAQ BLZE opened at $15.59 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $936.96 million, a P/E ratio of -39.97 and a beta of 1.56. Backblaze has a 1-year low of $3.26 and a 1-year high of $18.25. The business has a fifty day moving average price of $11.81 and a 200 day moving average price of $7.13.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its quarterly earnings data 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 return on equity of 20.54% and a negative net margin of 14.97%.The company had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. Equities research analysts expect that Backblaze will post -0.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Backblaze

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

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. 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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