Backblaze (NASDAQ:BLZE) Price Target Raised to $11.00 at B. Riley

Backblaze (NASDAQ:BLZEFree Report) had its price objective hoisted by B. Riley from $9.00 to $11.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Raymond James lowered their price target on shares of Backblaze from $12.50 to $12.00 and set an outperform rating on the stock in a report on Thursday, November 9th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of Buy and an average target price of $11.30.

View Our Latest Stock Analysis on Backblaze

Backblaze Price Performance

NASDAQ BLZE opened at $9.11 on Friday. The company has a market cap of $342.54 million, a PE ratio of -5.06 and a beta of 1.06. Backblaze has a 52 week low of $3.50 and a 52 week high of $9.42. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.30. The firm’s 50-day simple moving average is $7.76 and its two-hundred day simple moving average is $6.37.

Backblaze (NASDAQ:BLZEGet Free Report) last released its quarterly earnings data on Wednesday, November 8th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.08). Backblaze had a negative net margin of 64.75% and a negative return on equity of 98.59%. The business had revenue of $25.30 million for the quarter, compared to analysts’ expectations of $25.23 million. Research analysts predict that Backblaze will post -1.58 earnings per share for the current year.

Insider Buying and Selling at Backblaze

In other Backblaze news, VP Tina Cessna sold 20,000 shares of Backblaze stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $7.43, for a total transaction of $148,600.00. Following the completion of the sale, the vice president now directly owns 151,935 shares in the company, valued at $1,128,877.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 87,477 shares of company stock worth $626,113 over the last three months. 27.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BLZE. Royal Bank of Canada increased its stake in shares of Backblaze by 275.9% in the first quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock worth $30,000 after buying an additional 2,069 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Backblaze by 23.8% in the second quarter. Goldman Sachs Group Inc. now owns 14,951 shares of the company’s stock worth $65,000 after buying an additional 2,875 shares during the period. Cutler Group LLC CA increased its stake in shares of Backblaze by 553.0% in the fourth quarter. Cutler Group LLC CA now owns 3,918 shares of the company’s stock worth $29,000 after buying an additional 3,318 shares during the period. Barclays PLC increased its stake in shares of Backblaze by 29.3% in the second quarter. Barclays PLC now owns 18,083 shares of the company’s stock worth $78,000 after buying an additional 4,101 shares during the period. Finally, State Street Corp increased its stake in shares of Backblaze by 14.6% in the first quarter. State Street Corp now owns 36,094 shares of the company’s stock worth $182,000 after buying an additional 4,600 shares during the period. 15.23% of the stock is owned by hedge funds and other institutional investors.

Backblaze Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Backblaze (NASDAQ:BLZE)

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