Backblaze (NASDAQ:BLZE) PT Raised to $13.00

Backblaze (NASDAQ:BLZE) had its target price raised by investment analysts at Oppenheimer from $11.00 to $13.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 42.23% from the company’s current price.

Several other equities analysts also recently issued reports on BLZE. B. Riley raised their price target on shares of Backblaze from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Raymond James lifted their target price on shares of Backblaze from $12.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th.

Backblaze Price Performance

NASDAQ:BLZE traded up $0.03 on Wednesday, hitting $9.14. The company had a trading volume of 99,397 shares, compared to its average volume of 376,225. The stock has a market capitalization of $376.57 million, a price-to-earnings ratio of -5.55 and a beta of 1.20. 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 firm has a 50 day moving average of $10.22 and a two-hundred day moving average of $7.96. Backblaze has a 52 week low of $3.50 and a 52 week high of $12.65.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Thursday, February 15th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.04. The business had revenue of $28.74 million during the quarter, compared to the consensus estimate of $28.18 million. Backblaze had a negative net margin of 57.70% and a negative return on equity of 105.94%. On average, research analysts anticipate that Backblaze will post -1.12 earnings per share for the current year.

Insider Activity

In other news, CEO Gleb Budman sold 50,000 shares of Backblaze stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $10.66, for a total transaction of $533,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,698,715 shares in the company, valued at $18,108,301.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Backblaze news, CEO Gleb Budman sold 50,000 shares of Backblaze stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $10.66, for a total value of $533,000.00. Following the sale, the chief executive officer now owns 1,698,715 shares of the company’s stock, valued at $18,108,301.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Tina Cessna sold 20,000 shares of Backblaze stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $9.95, for a total transaction of $199,000.00. Following the completion of the sale, the vice president now directly owns 121,083 shares in the company, valued at approximately $1,204,775.85. The disclosure for this sale can be found here. Insiders sold 81,429 shares of company stock worth $851,676 over the last three months. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Backblaze

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Backblaze by 8.8% in the 4th quarter. Vanguard Group Inc. now owns 1,637,064 shares of the company’s stock worth $12,425,000 after buying an additional 132,263 shares in the last quarter. Virtu Financial LLC purchased a new position in Backblaze in the 4th quarter worth approximately $252,000. GSA Capital Partners LLP grew its stake in Backblaze by 16.8% in the 4th quarter. GSA Capital Partners LLP now owns 93,674 shares of the company’s stock worth $711,000 after buying an additional 13,472 shares in the last quarter. Barclays PLC grew its stake in Backblaze by 31.7% in the 4th quarter. Barclays PLC now owns 67,407 shares of the company’s stock worth $512,000 after buying an additional 16,239 shares in the last quarter. Finally, Scalar Gauge Management LLC purchased a new position in Backblaze in the 4th quarter worth approximately $1,677,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.