Backblaze, Inc. (NASDAQ:BLZE) Receives $10.07 Average Target Price from Analysts

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been assigned an average rating of “Buy” from the seven research firms that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $10.0714.

BLZE has been the subject of several research analyst reports. JMP Securities upped their price target on shares of Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th. Needham & Company LLC upped their price target on shares of Backblaze from $7.00 to $8.50 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Citizens Jmp initiated coverage on shares of Backblaze in a research report on Tuesday, June 24th. They set a “strong-buy” rating and a $7.00 target price for the company.

Backblaze Stock Performance

Shares of BLZE stock opened at $9.45 on Friday. Backblaze has a one year low of $3.94 and a one year high of $9.92. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 1.08. The company has a 50 day moving average price of $6.87 and a 200 day moving average price of $5.77. The firm has a market capitalization of $533.93 million, a price-to-earnings ratio of -10.62 and a beta of 1.20.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative return on equity of 54.88% and a negative net margin of 31.72%.The company had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Sell-side analysts anticipate that Backblaze will post -1.02 EPS for the current year.

Institutional Trading of Backblaze

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State of Tennessee Department of Treasury acquired a new stake in Backblaze during the 2nd quarter worth approximately $139,000. Man Group plc increased its position in Backblaze by 205.8% during the 2nd quarter. Man Group plc now owns 89,073 shares of the company’s stock worth $490,000 after purchasing an additional 59,949 shares in the last quarter. Lazard Asset Management LLC increased its position in Backblaze by 263.5% during the 2nd quarter. Lazard Asset Management LLC now owns 289,461 shares of the company’s stock worth $1,592,000 after purchasing an additional 209,838 shares in the last quarter. Engineers Gate Manager LP increased its position in Backblaze by 20.7% during the 2nd quarter. Engineers Gate Manager LP now owns 60,486 shares of the company’s stock worth $333,000 after purchasing an additional 10,380 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in Backblaze by 13.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 56,245 shares of the company’s stock worth $309,000 after purchasing an additional 6,867 shares in the last quarter. Institutional investors and hedge funds 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.