Backblaze, Inc. (NASDAQ:BLZE) Stock Has Consensus Target Price of $18.57 According to Analysts

Shares of Backblaze, Inc. (NASDAQ:BLZE) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $18.57.

A number of equities research analysts recently issued reports on the stock. Lake Street Capital reaffirmed a “buy” rating and set a $21.00 price target on shares of Backblaze in a research note on Tuesday, August 4th. Oppenheimer lifted their price objective on shares of Backblaze from $15.00 to $25.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. B. Riley Financial boosted their target price on shares of Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Needham & Company LLC decreased their target price on shares of Backblaze from $23.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, November 3rd. Finally, William Blair restated a “market perform” rating on shares of Backblaze in a research report on Friday, October 2nd.

Insider Activity

In other Backblaze 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 directly 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 legal filing with the SEC, which is available through this link. 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 shares were sold at an average price of $15.82, for a total value of $33,380.20. Following the sale, the chief financial officer owned 349,518 shares in the company, valued at approximately $5,529,374.76. This trade represents a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

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

Backblaze Trading Down 0.5%

NASDAQ:BLZE opened at $8.79 on Friday. The company has a quick ratio of 3.17, a current ratio of 3.17 and a debt-to-equity ratio of 2.82. Backblaze has a 1 year low of $3.26 and a 1 year high of $23.99. The stock’s 50 day simple moving average is $11.30 and its two-hundred day simple moving average is $9.35.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Monday, November 2nd. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.04. Backblaze had a negative return on equity of 13.34% and a negative net margin of 11.47%. The firm had revenue of $46.65 million during the quarter, compared to the consensus estimate of $44.59 million. As a group, analysts anticipate that Backblaze will post -0.18 earnings per share for the current year.

Backblaze Company Profile

Backblaze, Inc. provides cloud storage and data-protection services for individuals and businesses. Its offerings include Backblaze Computer Backup, which backs up files from computers, and Backblaze B2 Cloud Storage, an object-storage service used to store and manage data. Founded in 2007, the company serves customers around the world through its cloud platform. B2 Cloud Storage supports integrations with a range of software and storage tools, while the company’s backup services are designed to help customers protect and restore data.