Craig Hallum Raises Backblaze (NASDAQ:BLZE) Price Target to $11.00

Backblaze (NASDAQ:BLZE) had its target price raised by Craig Hallum from $10.00 to $11.00 in a report published on Monday morning, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Separately, Oppenheimer dropped their price objective on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 9th.

Backblaze Trading Down 2.0 %

Shares of BLZE stock opened at $7.24 on Monday. The company has a market capitalization of $300.46 million, a PE ratio of -5.10 and a beta of 1.02. Backblaze has a 52-week low of $4.83 and a 52-week high of $12.65. The business’s fifty day moving average is $6.41 and its 200 day moving average is $6.83. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.61 and a current ratio of 0.61.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.13). Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. The business had revenue of $31.29 million during the quarter, compared to analysts’ expectations of $30.93 million. During the same period in the previous year, the business earned ($0.38) EPS. On average, equities research analysts anticipate that Backblaze will post -0.99 EPS for the current fiscal year.

Insider Activity

In other news, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $25,116.30. Following the transaction, the vice president now owns 153,440 shares in the company, valued at approximately $989,688. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Backblaze news, VP Tina Cessna sold 3,894 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total transaction of $25,116.30. Following the completion of the sale, the vice president now owns 153,440 shares of the company’s stock, valued at $989,688. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gleb Budman sold 4,527 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.45, for a total transaction of $29,199.15. Following the completion of the transaction, the chief executive officer now owns 1,874,967 shares in the company, valued at $12,093,537.15. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,483 shares of company stock valued at $311,530. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ClariVest Asset Management LLC increased its position in Backblaze by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock valued at $465,000 after purchasing an additional 2,154 shares during the period. SG Americas Securities LLC raised its stake in Backblaze by 84.1% in the second quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock worth $131,000 after buying an additional 9,720 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Backblaze by 165.7% in the first quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock worth $185,000 after buying an additional 11,289 shares during the period. Scalar Gauge Management LLC boosted its position in Backblaze by 6.4% during the 2nd quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock valued at $1,545,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Backblaze during the 1st quarter worth approximately $154,000. Institutional investors own 54.03% of the company’s stock.

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.