Backblaze, Inc. (NASDAQ:BLZE) Stock Has Consensus Price Target of $19.71 According to Analysts

Backblaze, Inc. (NASDAQ:BLZE) has received a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $19.71.

A number of brokerages recently weighed in on BLZE. Citizens Jmp lifted their price target on Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a research note on Tuesday, August 4th. B. Riley Financial upped their price objective on shares of Backblaze from $16.00 to $24.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. William Blair reiterated a “market perform” rating on shares of Backblaze in a report on Friday, October 2nd. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research report on Monday, September 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $23.00 target price on shares of Backblaze in a research report on Thursday, September 10th.

Insider Activity at Backblaze

In other Backblaze news, CFO Marc Suidan sold 2,110 shares of Backblaze stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $15.82, for a total transaction of $33,380.20. Following the transaction, the chief financial officer directly owned 349,518 shares in the company, valued at approximately $5,529,374.76. The trade was a 0.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gleb Budman sold 12,855 shares of Backblaze stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $203,366.10. Following the transaction, the chief executive officer owned 2,192,103 shares in the company, valued at approximately $34,679,069.46. The trade was a 0.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Backblaze

Hedge funds have recently modified their holdings of the business. Counterpoint Mutual Funds LLC purchased a new position in shares of Backblaze during the third quarter valued at $215,000. Vanguard Capital Wealth Advisors acquired a new position in Backblaze during the third quarter valued at $1,406,000. State of Alaska Department of Revenue acquired a new position in Backblaze during the third quarter valued at $55,000. WINTON GROUP Ltd acquired a new position in Backblaze during the second quarter valued at $295,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Backblaze in the 2nd quarter worth about $77,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Stock Performance

Shares of NASDAQ:BLZE opened at $8.60 on Monday. The stock has a market capitalization of $532.34 million, a price-to-earnings ratio of -25.29 and a beta of 1.56. Backblaze has a 1-year low of $3.26 and a 1-year high of $23.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50 day moving average price of $14.34 and a 200 day moving average price of $11.14.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.06. The firm had revenue of $42.71 million for the quarter, compared to analyst estimates of $39.94 million. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.73%. On average, research analysts anticipate that Backblaze will post -0.28 EPS for the current fiscal year.

About Backblaze

Backblaze, Inc provides cloud storage and data backup services for businesses, developers, and individual customers. Its platform is designed to help organizations store, protect, manage, and access data without maintaining their own extensive physical storage infrastructure.

The company’s primary offerings include Backblaze B2 Cloud Storage, an object storage service for applications, backup systems, content delivery, and data-intensive workloads, and Backblaze Computer Backup, which automatically backs up data from computers.