Backblaze (NASDAQ:BLZE) Price Target Raised to $24.00 at B. Riley Financial

Key Points

• B. Riley Financial raised Backblaze’s price target to $24 from $16 and maintained a Buy rating, implying roughly 5.1% upside from the stock’s reported $22.83 price.
• Backblaze reported quarterly results above expectations, with EPS of $0.08 versus $0.02 anticipated and revenue of $42.71 million versus $39.94 million; management also raised its full-year revenue outlook.
• Shares surged to $22.83, near the 52-week high of $23.99, while analyst sentiment remained broadly positive but mixed: the consensus rating was Moderate Buy with an average price target of $16.36.

Backblaze (NASDAQ:BLZE - Get Free Report) had its target price hoisted by equities research analysts at B. Riley Financial from $16.00 to $24.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley Financial's price objective indicates a potential upside of 5.12% from the stock's current price.

A number of other analysts have also recently issued reports on BLZE. William Blair raised Backblaze from an "underperform" rating to a "market perform" rating in a report on Tuesday, June 23rd. Weiss Ratings cut shares of Backblaze from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, May 15th. Needham & Company LLC raised their price target on shares of Backblaze from $14.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday. Wall Street Zen cut shares of Backblaze from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Finally, Lake Street Capital reissued a "buy" rating on shares of Backblaze in a research note on Tuesday. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.36.

Backblaze Stock Performance

Shares of BLZE traded up $7.24 during mid-day trading on Tuesday, hitting $22.83. The stock had a trading volume of 5,056,790 shares, compared to its average volume of 1,980,091. The business has a fifty day moving average price of $11.81 and a 200-day moving average price of $7.13. Backblaze has a 52 week low of $3.26 and a 52 week high of $23.99. The firm has a market cap of $1.37 billion, a P/E ratio of -58.47 and a beta of 1.56. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $42.71 million during the quarter, compared to the consensus estimate of $39.94 million. On average, equities research analysts expect that Backblaze will post -0.37 EPS for the current year.

Institutional Trading of Backblaze

Several institutional investors and hedge funds have recently made changes to their positions in BLZE. AQR Capital Management LLC bought a new stake in shares of Backblaze during the 1st quarter worth $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Backblaze by 17.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company's stock worth $131,000 after purchasing an additional 4,060 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Backblaze by 32.5% in the 1st quarter. Millennium Management LLC now owns 825,422 shares of the company's stock worth $3,987,000 after purchasing an additional 202,609 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Backblaze by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company's stock valued at $1,264,000 after purchasing an additional 55,720 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Backblaze by 13.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company's stock valued at $6,428,000 after purchasing an additional 139,429 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company's stock.

Backblaze News Roundup

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q2 earnings and revenue exceeded expectations. Backblaze reported adjusted EPS of $0.08, ahead of the $0.02 consensus estimate, while revenue reached $42.71 million versus expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue growth accelerated to 34%. Backblaze Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Management raised its full-year outlook. Backblaze now expects 2026 revenue of $172 million to $174 million, well above the $162.3 million analyst consensus. Third-quarter revenue guidance of $44.4 million to $44.8 million also exceeds the $41.2 million consensus estimate. Backblaze raises 2026 revenue outlook
• Positive Sentiment: AI-related demand is strengthening. The company signed a $335 million strategic agreement with CoreWeave, supporting the investment case that demand for affordable cloud storage will benefit from expanding AI workloads. Management also projects B2 revenue growth of more than 40% in 2027. Backblaze second-quarter results and CoreWeave agreement
• Positive Sentiment: Needham raised its price target to $23 from $14 and maintained a Buy rating, indicating continued confidence in Backblaze’s growth prospects. Needham raises Backblaze price target
• Neutral Sentiment: Backblaze is presenting at Ai4 2026, highlighting its positioning in AI infrastructure, although the event is unlikely to materially affect near-term financial results. Backblaze to present at Ai4 2026
• Negative Sentiment: Citizens JMP raised its target to $21 from $16 but retained a Market Outperform rating. The new target remains below the stock’s recent trading level, signaling that some analysts view the near-term valuation as stretched after the rally. Citizens JMP raises Backblaze price target

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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