Needham & Company LLC Issues Pessimistic Forecast for Backblaze (NASDAQ:BLZE) Stock Price

Backblaze (NASDAQ:BLZE) had its price target decreased by stock analysts at Needham & Company LLC from $12.00 to $8.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 25.41% from the company’s current price.

BLZE has been the topic of several other research reports. JMP Securities upped their price objective on shares of Backblaze from $7.00 to $8.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Oppenheimer upped their price objective on shares of Backblaze from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Backblaze in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Backblaze Stock Down 31.7%

NASDAQ:BLZE traded down $2.96 during trading hours on Thursday, reaching $6.38. The company had a trading volume of 1,802,672 shares, compared to its average volume of 516,915. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24. The firm has a market cap of $360.41 million, a price-to-earnings ratio of -7.22 and a beta of 1.23. The business’s 50-day simple moving average is $9.58 and its two-hundred day simple moving average is $7.02. Backblaze has a twelve month low of $3.94 and a twelve month high of $10.86.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The company had revenue of $36.30 million for the quarter, compared to analyst estimates of $35.41 million. On average, equities analysts expect that Backblaze will post -1.02 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BLZE. Goldman Sachs Group Inc. raised its stake in shares of Backblaze by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock valued at $1,264,000 after purchasing an additional 55,720 shares during the period. Hsbc Holdings PLC increased its position in shares of Backblaze by 95.4% during the first quarter. Hsbc Holdings PLC now owns 70,955 shares of the company’s stock valued at $341,000 after buying an additional 34,635 shares during the period. Nuveen LLC bought a new stake in Backblaze during the 1st quarter worth approximately $351,000. Cerity Partners LLC lifted its stake in Backblaze by 5.2% in the 1st quarter. Cerity Partners LLC now owns 105,238 shares of the company’s stock worth $508,000 after purchasing an additional 5,168 shares in the last quarter. Finally, Corebridge Financial Inc. lifted its stake in Backblaze by 13.4% in the 1st quarter. Corebridge Financial Inc. now owns 22,508 shares of the company’s stock worth $109,000 after purchasing an additional 2,665 shares in the last quarter. 54.03% of the stock is owned by institutional investors.

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.