Oppenheimer Raises Backblaze (NASDAQ:BLZE) Price Target to $13.00

Backblaze (NASDAQ:BLZE) had its target price increased by Oppenheimer from $11.00 to $13.00 in a report released on Wednesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

BLZE has been the subject of several other reports. B. Riley lifted their price target on Backblaze from $9.00 to $11.00 and gave the company a buy rating in a research report on Friday, February 9th. Raymond James raised their price objective on Backblaze from $12.00 to $14.00 and gave the company an outperform rating in a report on Friday, February 16th.

Backblaze Stock Up 0.5 %

Shares of BLZE stock opened at $9.18 on Wednesday. The stock has a 50 day moving average of $10.23 and a 200 day moving average of $8.00. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.39. The stock has a market cap of $378.22 million, a P/E ratio of -5.56 and a beta of 1.20. Backblaze has a twelve month low of $3.50 and a twelve month high of $12.65.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. The company had revenue of $28.74 million during the quarter, compared to analysts’ expectations of $28.18 million. Backblaze had a negative return on equity of 105.94% and a negative net margin of 57.70%. As a group, sell-side analysts expect that Backblaze will post -1.12 EPS for the current year.

Insider Buying and Selling at Backblaze

In other Backblaze news, CFO Francis P. Patchel sold 2,396 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $10.85, for a total value of $25,996.60. Following the sale, the chief financial officer now directly owns 184,165 shares of the company’s stock, valued at $1,998,190.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Francis P. Patchel sold 2,396 shares of Backblaze stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $10.85, for a total value of $25,996.60. Following the sale, the chief financial officer now directly owns 184,165 shares of the company’s stock, valued at $1,998,190.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Francis P. Patchel sold 3,434 shares of Backblaze stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $9.84, for a total value of $33,790.56. Following the completion of the sale, the chief financial officer now directly owns 178,575 shares in the company, valued at $1,757,178. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,429 shares of company stock valued at $851,676. Company insiders own 5.20% of the company’s stock.

Institutional Trading of Backblaze

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in Backblaze by 275.9% during 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 last quarter. Goldman Sachs Group Inc. boosted its stake in Backblaze by 23.8% during 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 last quarter. Cutler Group LLC CA boosted its stake in Backblaze by 553.0% during 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 last quarter. Barclays PLC boosted its stake in Backblaze by 29.3% during 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 last quarter. Finally, State Street Corp boosted its stake in Backblaze by 14.6% during 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 last quarter. 54.03% of the stock is owned by institutional investors and hedge funds.

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.