Citizens Jmp Issues Positive Forecast for Backblaze (NASDAQ:BLZE) Stock Price

Backblaze (NASDAQ:BLZE) had its target price lifted by Citizens Jmp from $14.00 to $16.00 in a report released on Thursday morning,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

A number of other equities research analysts also recently issued reports on BLZE. Needham & Company LLC increased their target price on shares of Backblaze from $8.50 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Wall Street Zen cut shares of Backblaze from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Lake Street Capital upped their price target on shares of Backblaze from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research report on Thursday. Finally, William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.21.

Backblaze Trading Down 4.9%

NASDAQ:BLZE opened at $12.76 on Thursday. The stock has a market cap of $766.88 million, a PE ratio of -32.72 and a beta of 1.55. Backblaze has a fifty-two week low of $3.26 and a fifty-two week high of $18.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s 50-day moving average is $11.06 and its two-hundred day moving average is $6.75.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The business had revenue of $38.67 million during the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. As a group, equities research analysts forecast that Backblaze will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Backblaze

Large investors have recently added to or reduced their stakes in the business. Wasatch Advisors LP acquired a new stake in shares of Backblaze in the 3rd quarter valued at $17,021,000. Pillsbury Lake Capital LLC acquired a new position in Backblaze during the fourth quarter worth $8,058,000. Renaissance Technologies LLC increased its position in Backblaze by 94.5% during the fourth quarter. Renaissance Technologies LLC now owns 810,752 shares of the company’s stock worth $3,778,000 after buying an additional 393,936 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Backblaze by 152.3% during the first quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company’s stock valued at $1,785,000 after buying an additional 312,459 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Backblaze by 165.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 480,281 shares of the company’s stock valued at $4,457,000 after buying an additional 299,672 shares in the last quarter. 54.03% of the stock is 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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.