Backblaze (NASDAQ:BLZE) Price Target Raised to $11.00

Backblaze (NASDAQ:BLZE) had its price objective lifted by Craig Hallum from $10.00 to $11.00 in a research report sent to investors on Monday, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

Separately, Oppenheimer lowered their price target on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th.

Backblaze Stock Down 0.3 %

Shares of Backblaze stock opened at $7.22 on Monday. The business’s 50 day simple moving average is $6.42 and its 200 day simple moving average is $6.84. Backblaze has a 52-week low of $4.83 and a 52-week high of $12.65. The firm has a market cap of $299.63 million, a PE ratio of -5.08 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.61 and a current ratio of 0.61.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.13). Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. The firm had revenue of $31.29 million during the quarter, compared to analyst estimates of $30.93 million. During the same period in the prior year, the business posted ($0.38) EPS. On average, analysts predict that Backblaze will post -0.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Backblaze news, CEO Gleb Budman sold 4,527 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $29,199.15. Following the transaction, the chief executive officer now owns 1,874,967 shares of the company’s stock, valued at $12,093,537.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Gleb Budman sold 4,527 shares of Backblaze stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $29,199.15. Following the completion of the transaction, the chief executive officer now directly owns 1,874,967 shares in the company, valued at approximately $12,093,537.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $25,116.30. Following the transaction, the vice president now owns 153,440 shares of the company’s stock, valued at $989,688. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,483 shares of company stock valued at $311,530 in the last 90 days. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company bought a new stake in Backblaze in the 2nd quarter valued at $102,000. SG Americas Securities LLC boosted its stake in Backblaze by 84.1% in the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after purchasing an additional 9,720 shares during the period. Hillsdale Investment Management Inc. bought a new stake in Backblaze in the 1st quarter valued at $154,000. Tempus Wealth Planning LLC bought a new stake in Backblaze in the 3rd quarter valued at $157,000. Finally, Lazard Asset Management LLC boosted its stake in Backblaze by 165.7% in the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock valued at $185,000 after purchasing an additional 11,289 shares during the period. 54.03% of the stock is currently owned by institutional investors.

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.