Analysts Set Backblaze, Inc. (NASDAQ:BLZE) PT at $10.29

Shares of Backblaze, Inc. (NASDAQ:BLZE) have earned an average rating of “Buy” from the eight ratings firms that are currently covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $9.88.

A number of equities research analysts have issued reports on BLZE shares. Needham & Company LLC initiated coverage on Backblaze in a research report on Tuesday, March 11th. They set a “buy” rating and a $8.00 target price for the company. JMP Securities initiated coverage on Backblaze in a report on Tuesday. They set a “market outperform” rating and a $7.00 price target for the company. Finally, Citizens Jmp initiated coverage on Backblaze in a report on Tuesday. They set a “strong-buy” rating and a $7.00 price target for the company.

Institutional Trading of Backblaze

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in Backblaze by 15.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after acquiring an additional 1,992 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Backblaze by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock valued at $508,000 after acquiring an additional 2,105 shares during the last quarter. Corebridge Financial Inc. boosted its holdings in Backblaze by 13.4% in the first quarter. Corebridge Financial Inc. now owns 22,508 shares of the company’s stock valued at $109,000 after acquiring an additional 2,665 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Backblaze by 20.8% during the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after buying an additional 4,054 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Backblaze by 17.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company’s stock worth $131,000 after buying an additional 4,060 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Backblaze Trading Up 2.2%

Shares of NASDAQ BLZE opened at $5.47 on Tuesday. The stock has a market cap of $300.30 million, a price-to-earnings ratio of -5.42 and a beta of 1.17. The business has a 50 day simple moving average of $5.19 and a 200 day simple moving average of $5.72. Backblaze has a 52 week low of $3.94 and a 52 week high of $8.08. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.09 and a current ratio of 1.09.

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.