Backblaze (NASDAQ:BLZE) Price Target Raised to $8.00 at JMP Securities

Key Points

• JMP Securities has raised its price target for Backblaze (NASDAQ: BLZE) from $7.00 to $8.00, indicating a potential upside of 20.66% based on the company's previous closing price.
• Backblaze reported earnings of ($0.12) per share for the last quarter, missing the consensus estimate, but their revenue of $36.30 million exceeded expectations.
• Institutional investors hold approximately 54.03% of Backblaze's stock, with several hedge funds increasing their positions significantly during the last quarter.

Backblaze (NASDAQ:BLZE - Free Report) had its price objective upped by JMP Securities from $7.00 to $8.00 in a research report report published on Friday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other analysts have also recently issued reports on the stock. Citizens Jmp initiated coverage on shares of Backblaze in a research note on Tuesday, June 24th. They set a "strong-buy" rating and a $7.00 price objective for the company. Needham & Company LLC upped their price objective on shares of Backblaze from $7.00 to $8.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $10.07.

Backblaze Price Performance

Shares of BLZE stock traded up $0.50 on Friday, reaching $7.87. 1,060,002 shares of the company were exchanged, compared to its average volume of 455,352. The company has a market cap of $432.06 million, a price-to-earnings ratio of -8.84 and a beta of 1.13. The business has a 50-day moving average price of $5.45 and a 200 day moving average price of $5.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08. Backblaze has a 1 year low of $3.94 and a 1 year high of $8.08.

Backblaze (NASDAQ:BLZE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The business had revenue of $36.30 million for the quarter, compared to analysts' expectations of $35.41 million. Equities research analysts forecast that Backblaze will post -1.02 earnings per share for the current fiscal year.

Institutional Trading of Backblaze

Several hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. grew its stake in shares of Backblaze by 39.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company's stock valued at $30,000 after buying an additional 1,559 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company's stock worth $89,000 after purchasing an additional 1,992 shares during the period. Corebridge Financial Inc. boosted its position in shares of Backblaze by 13.4% during the 1st quarter. Corebridge Financial Inc. now owns 22,508 shares of the company's stock worth $109,000 after purchasing an additional 2,665 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Backblaze by 34.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company's stock worth $59,000 after purchasing an additional 2,786 shares during the period. Finally, CWM LLC boosted its position in shares of Backblaze by 81.1% during the 2nd quarter. CWM LLC now owns 8,957 shares of the company's stock worth $49,000 after purchasing an additional 4,012 shares during the period. Hedge funds and other institutional investors own 54.03% of the company's stock.

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.