Backblaze (NASDAQ:BLZE) Price Target Raised to $21.00 at Citizens Jmp

Backblaze (NASDAQ:BLZE) had its price objective lifted by investment analysts at Citizens Jmp from $16.00 to $21.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price target would suggest a potential downside of 9.96% from the company’s previous close.

Several other brokerages have also weighed in on BLZE. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a research report on Thursday, July 23rd. Lake Street Capital boosted their price target on Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Wall Street Zen cut Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Finally, Weiss Ratings lowered shares of Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 15th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Backblaze presently has a consensus rating of “Moderate Buy” and an average target price of $15.21.

Backblaze Trading Up 49.6%

Shares of NASDAQ:BLZE opened at $23.32 on Tuesday. The firm has a fifty day moving average of $11.81 and a two-hundred day moving average of $7.13. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. Backblaze has a 12-month low of $3.26 and a 12-month high of $19.05. The firm has a market capitalization of $1.40 billion, a P/E ratio of -59.31 and a beta of 1.56.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. The business had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. On average, equities analysts expect that Backblaze will post -0.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Baader Bank Aktiengesellschaft acquired a new stake in shares of Backblaze in the fourth quarter worth $699,000. GSA Capital Partners LLP raised its stake in Backblaze by 159.7% during the 4th quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock valued at $1,394,000 after purchasing an additional 184,015 shares during the last quarter. Nano Cap New Millennium Growth Fund L P acquired a new position in Backblaze during the 4th quarter valued at $1,165,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Backblaze in the 4th quarter valued at $712,000. Finally, Perkins Capital Management Inc. boosted its holdings in Backblaze by 21.6% in the 1st quarter. Perkins Capital Management Inc. now owns 339,025 shares of the company’s stock valued at $1,170,000 after purchasing an additional 60,250 shares during the period. 54.03% of the stock is owned by institutional investors.

Key Stories Impacting Backblaze

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

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.