Backblaze (NASDAQ:BLZE) Price Target Increased to $13.00 by Analysts at Oppenheimer

Backblaze (NASDAQ:BLZE) had its price target lifted by Oppenheimer from $11.00 to $13.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also weighed in on BLZE. B. Riley increased their price objective on shares of Backblaze from $9.00 to $11.00 and gave the company a buy rating in a report on Friday, February 9th. Raymond James increased their price objective on shares of Backblaze from $12.00 to $14.00 and gave the company an outperform rating in a report on Friday, February 16th.

Backblaze Price Performance

Shares of BLZE stock opened at $9.12 on Wednesday. The firm’s 50 day moving average is $10.22 and its 200-day moving average is $7.97. Backblaze has a 1 year low of $3.50 and a 1 year high of $12.65. The firm has a market capitalization of $375.74 million, a price-to-earnings ratio of -5.53 and a beta of 1.20. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.39.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. Backblaze had a negative net margin of 57.70% and a negative return on equity of 105.94%. The business had revenue of $28.74 million for the quarter, compared to analyst estimates of $28.18 million. Sell-side analysts forecast that Backblaze will post -1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Backblaze news, VP Tina Cessna sold 20,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $9.95, for a total value of $199,000.00. Following the sale, the vice president now directly owns 121,083 shares in the company, valued at $1,204,775.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Backblaze news, VP Tina Cessna sold 20,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $9.95, for a total value of $199,000.00. Following the sale, the vice president now directly owns 121,083 shares in the company, valued at $1,204,775.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gleb Budman sold 50,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $10.66, for a total transaction of $533,000.00. Following the completion of the sale, the chief executive officer now owns 1,698,715 shares in the company, valued at $18,108,301.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,429 shares of company stock worth $851,676. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

Several large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in shares of Backblaze by 275.9% during the first quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock worth $30,000 after acquiring an additional 2,069 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Backblaze by 23.8% during the second quarter. Goldman Sachs Group Inc. now owns 14,951 shares of the company’s stock worth $65,000 after acquiring an additional 2,875 shares in the last quarter. Cutler Group LLC CA increased its position in shares of Backblaze by 553.0% during the fourth quarter. Cutler Group LLC CA now owns 3,918 shares of the company’s stock worth $29,000 after acquiring an additional 3,318 shares in the last quarter. Barclays PLC increased its position in shares of Backblaze by 29.3% during the second quarter. Barclays PLC now owns 18,083 shares of the company’s stock worth $78,000 after acquiring an additional 4,101 shares in the last quarter. Finally, State Street Corp increased its position in shares of Backblaze by 14.6% during the first quarter. State Street Corp now owns 36,094 shares of the company’s stock worth $182,000 after acquiring an additional 4,600 shares in the last quarter. 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.