Backblaze (NASDAQ:BLZE) Given New $25.00 Price Target at Oppenheimer

Backblaze (NASDAQ:BLZE) had its target price lifted by analysts at Oppenheimer from $15.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 16.27% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Wall Street Zen downgraded Backblaze from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and increased their price target for the stock from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Citizens Jmp boosted their price target on shares of Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a research report on Tuesday. Citigroup restated a “market outperform” rating on shares of Backblaze in a research report on Thursday, July 23rd. Finally, William Blair raised Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. Eight equities 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.71.

Backblaze Stock Performance

Backblaze stock traded up $5.91 during midday trading on Tuesday, reaching $21.50. 8,255,848 shares of the stock traded hands, compared to its average volume of 2,008,544. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $23.99. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -54.75 and a beta of 1.56. The firm has a fifty day moving average price of $11.81 and a two-hundred day moving average price of $7.13.

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

Hedge Funds Weigh In On Backblaze

A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in Backblaze by 1,388.2% in the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after purchasing an additional 5,178 shares in the last quarter. ProShare Advisors LLC purchased a new stake in Backblaze during the fourth quarter valued at about $47,000. Oxford Asset Management LLP purchased a new stake in Backblaze during the fourth quarter valued at about $47,000. M&T Bank Corp acquired a new position in shares of Backblaze in the fourth quarter worth about $49,000. Finally, Occudo Quantitative Strategies LP purchased a new position in Backblaze during the 2nd quarter worth approximately $58,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Backblaze News Roundup

Here are the key news stories impacting Backblaze this week:

• Positive Sentiment: Q2 results exceeded expectations: Backblaze reported adjusted EPS of $0.08 versus the $0.02 consensus estimate, while revenue reached $42.71 million, ahead of expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue accelerated 34%. Backblaze Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Raised outlook: Backblaze forecast third-quarter revenue of $44.4 million to $44.8 million, above the $41.2 million analyst consensus, and lifted full-year 2026 revenue guidance to $172 million-$174 million versus expectations of $162.3 million. Management also projects B2 revenue growth of more than 40% in 2027. Backblaze Raises 2026 Revenue Outlook
• Positive Sentiment: Major CoreWeave agreement: The company highlighted a $335 million strategic agreement with AI-cloud provider CoreWeave, supporting the investment case that demand for storage serving AI and data-intensive workloads is strengthening. Backblaze Q2 Financial Results
• Positive Sentiment: Analyst support increased: Needham raised its price target to $23 and maintained a “buy” rating; B. Riley lifted its target to $24 and also issued a “buy” rating. Citizens JMP raised its target to $21 and assigned a “market outperform” rating. Needham Raises Backblaze Price Target
• Positive Sentiment: Heavy call-option activity: Investors purchased 4,948 call options, about 252% above typical daily volume, signaling increased short-term bullish speculation, although options activity can also increase volatility.
• Neutral Sentiment: Shares traded with unusually high volume and remain near their 12-month high, suggesting strong momentum but also a more demanding valuation and elevated volatility.
• Negative Sentiment: Despite the earnings beat, Backblaze remains unprofitable on a GAAP basis, with a negative net margin and negative return on equity. Citizens JMP’s $21 target is below the recent trading level, indicating limited near-term upside under that view.

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. 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.