Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Target Price at $7.21

Shares of Backblaze, Inc. (NASDAQ:BLZE) have earned an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $7.2143.

A number of equities analysts have recently commented on the stock. Oppenheimer cut their price objective on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a research report on Tuesday, February 24th. Raymond James Financial reiterated an “outperform” rating on shares of Backblaze in a research note on Thursday, November 6th. Citigroup reissued a “market outperform” rating on shares of Backblaze in a report on Tuesday, February 24th. Craig Hallum cut shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price target on the stock. in a report on Tuesday, February 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, January 21st.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BLZE. AWM Investment Company Inc. lifted its position in Backblaze by 0.7% during the second quarter. AWM Investment Company Inc. now owns 3,064,526 shares of the company’s stock valued at $16,855,000 after purchasing an additional 20,600 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Backblaze by 5.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock valued at $24,996,000 after buying an additional 134,034 shares in the last quarter. Wasatch Advisors LP bought a new stake in shares of Backblaze during the 3rd quarter worth $17,021,000. Pillsbury Lake Capital LLC bought a new stake in shares of Backblaze during the 4th quarter worth $8,058,000. Finally, Whetstone Capital Advisors LLC grew its position in Backblaze by 4.1% in the fourth quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock worth $7,083,000 after acquiring an additional 59,263 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors.

Backblaze Stock Performance

Shares of BLZE opened at $3.75 on Friday. Backblaze has a 52-week low of $3.67 and a 52-week high of $10.86. The stock’s 50-day simple moving average is $4.48 and its 200 day simple moving average is $6.54. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $216.38 million, a price-to-earnings ratio of -8.15 and a beta of 1.30.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.