Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Target Price at $11.40

Backblaze, Inc. (NASDAQ:BLZE) has earned an average rating of “Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $10.83.

A number of analysts recently issued reports on the company. Lake Street Capital lowered their price target on Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. B. Riley decreased their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Finally, Needham & Company LLC began coverage on Backblaze in a research note on Tuesday. They set a “buy” rating and a $8.00 price target on the stock.

Institutional Investors Weigh In On Backblaze

A number of large investors have recently modified their holdings of the business. AWM Investment Company Inc. grew its stake in shares of Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after acquiring an additional 2,682,480 shares during the last quarter. AIGH Capital Management LLC acquired a new position in Backblaze in the fourth quarter valued at approximately $10,836,000. First Eagle Investment Management LLC increased its position in shares of Backblaze by 4.5% in the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock valued at $6,986,000 after buying an additional 49,800 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Backblaze by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock valued at $5,273,000 after buying an additional 11,267 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Backblaze by 21.2% in the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock valued at $3,749,000 after buying an additional 108,884 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Stock Down 4.6 %

NASDAQ BLZE opened at $4.98 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $221.11 million, a P/E ratio of -4.49 and a beta of 0.89. Backblaze has a one year low of $4.91 and a one year high of $11.00. The stock has a 50 day moving average price of $6.41 and a 200-day moving average price of $6.52.

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.