Backblaze (NASDAQ:BLZE) Stock Price Target Lowered at Needham & Company LLC

Backblaze (NASDAQ:BLZE) had its target price dropped by stock analysts at Needham & Company LLC from $23.00 to $15.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC‘s target price suggests a potential upside of 102.70% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Wall Street Zen raised Backblaze from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Backblaze in a research note on Wednesday, August 12th. William Blair reissued a “market perform” rating on shares of Backblaze in a research note on Friday, October 2nd. Citigroup reissued a “market outperform” rating on shares of Backblaze in a report on Tuesday. Finally, Oppenheimer lifted their price objective on shares of Backblaze from $15.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Backblaze currently has an average rating of “Moderate Buy” and an average price target of $18.57.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $7.40 on Tuesday. The firm’s 50 day moving average is $12.30 and its two-hundred day moving average is $9.21. The firm has a market capitalization of $458.06 million, a P/E ratio of -21.76 and a beta of 1.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34. Backblaze has a 52 week low of $3.26 and a 52 week high of $23.99.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Monday, November 2nd. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.04. The business had revenue of $46.65 million during the quarter, compared to the consensus estimate of $44.59 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. Analysts anticipate that Backblaze will post -0.28 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Gleb Budman sold 12,855 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $203,366.10. Following the sale, the chief executive officer owned 2,192,103 shares of the company’s stock, valued at $34,679,069.46. The trade was a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Marc Suidan sold 2,110 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the completion of the sale, the chief financial officer owned 349,518 shares of the company’s stock, valued at $5,529,374.76. This trade represents a 0.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.20% of the stock is owned by company insiders.

Institutional Trading of Backblaze

Hedge funds and other institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. bought a new stake in Backblaze in the second quarter worth about $22,207,000. Halter Ferguson Financial Inc. boosted its position in shares of Backblaze by 176.7% during the 3rd quarter. Halter Ferguson Financial Inc. now owns 1,266,421 shares of the company’s stock valued at $17,717,000 after purchasing an additional 808,668 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Backblaze by 44.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock valued at $4,046,000 after purchasing an additional 361,905 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Backblaze by 152.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company’s stock valued at $1,785,000 after purchasing an additional 312,459 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Backblaze by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company’s stock worth $1,037,000 after purchasing an additional 107,876 shares during the last quarter. Institutional investors own 54.03% of the company’s stock.

Key Backblaze News

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q3 results topped estimates: Backblaze reported adjusted earnings of $0.09 per share, above the $0.04-$0.05 analyst consensus, while revenue reached $46.65 million versus expectations of approximately $44.6 million. Earnings also improved from $0.03 per share in the year-ago quarter. Backblaze Announces Third Quarter 2026 Financial Results
• Positive Sentiment: Strong B2 momentum: CEO Gleb Budman said B2 revenue growth accelerated to 47% year over year from 28% a year earlier. The company also added a record number of net new B2 self-serve customers, indicating broad-based demand for its cloud storage platform. Backblaze Q3 2026 Earnings Call Transcript
• Positive Sentiment: Revenue guidance exceeded expectations: Backblaze projected fourth-quarter 2026 revenue of $49.8 million to $50.2 million, above the $47.0 million consensus estimate. Full-year 2026 revenue guidance of $177.8 million to $178.2 million also surpassed the $173.0 million consensus. Management additionally targeted a 32%-34% adjusted EBITDA margin for the fourth quarter. Backblaze Q4 Revenue and EBITDA Guidance
• Negative Sentiment: Profitability remains a concern: Despite the adjusted earnings beat, Backblaze continues to report a negative net margin and negative return on equity. Investors may also focus on whether the company can sustain its accelerated growth while converting that momentum into consistent GAAP profitability.

Backblaze Company Profile

Backblaze, Inc provides cloud storage and data backup services for businesses, developers and individual users. The company’s offerings are designed to help customers protect, store, manage and access data without maintaining their own extensive storage infrastructure.

Its primary products include Backblaze Computer Backup, a subscription service that automatically backs up data from computers, and Backblaze B2 Cloud Storage, an object-storage platform used for applications such as backup, archiving, content storage and media workflows.