Analysts Set Backblaze, Inc. (NASDAQ:BLZE) PT at $10.07

Shares of Backblaze, Inc. (NASDAQ:BLZE) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $10.0714.

Several equities research analysts recently issued reports on the stock. Citizens Jmp assumed coverage on shares of Backblaze in a research note on Tuesday, June 24th. They set a “strong-buy” rating and a $7.00 price target on the stock. JMP Securities lifted their price target on shares of Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Backblaze in a research note on Saturday, September 27th. Finally, Needham & Company LLC upped their target price on shares of Backblaze from $7.00 to $8.50 and gave the company a “buy” rating in a research note on Thursday, August 7th.

Backblaze Stock Performance

Backblaze stock opened at $9.54 on Thursday. Backblaze has a 12-month low of $3.94 and a 12-month high of $10.83. The company has a market capitalization of $539.01 million, a price-to-earnings ratio of -10.72 and a beta of 1.22. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.08 and a quick ratio of 1.08. The firm’s fifty day moving average price is $8.29 and its 200 day moving average price is $6.24.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (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 firm had revenue of $36.30 million for the quarter, compared to analysts’ expectations of $35.41 million. Backblaze has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, research analysts forecast that Backblaze will post -1.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Backblaze

A number of institutional investors have recently modified their holdings of the stock. State of Tennessee Department of Treasury acquired a new stake in shares of Backblaze in the 2nd quarter valued at about $139,000. Man Group plc raised its stake in shares of Backblaze by 205.8% in the 2nd quarter. Man Group plc now owns 89,073 shares of the company’s stock valued at $490,000 after purchasing an additional 59,949 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Backblaze by 263.5% in the 2nd quarter. Lazard Asset Management LLC now owns 289,461 shares of the company’s stock valued at $1,592,000 after purchasing an additional 209,838 shares in the last quarter. Engineers Gate Manager LP raised its stake in shares of Backblaze by 20.7% in the 2nd quarter. Engineers Gate Manager LP now owns 60,486 shares of the company’s stock valued at $333,000 after purchasing an additional 10,380 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Backblaze by 13.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 56,245 shares of the company’s stock valued at $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.