Backblaze (NASDAQ:BLZE) PT Raised to $13.00

Backblaze (NASDAQ:BLZE) had its price target boosted by Oppenheimer from $11.00 to $13.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Raymond James boosted their target price on shares of Backblaze from $12.00 to $14.00 and gave the company an outperform rating in a research report on Friday, February 16th. B. Riley boosted 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.

Backblaze Stock Up 0.1 %

Backblaze stock opened at $9.12 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.39. Backblaze has a 12-month low of $3.50 and a 12-month high of $12.65. The firm’s fifty day moving average is $10.22 and its 200 day moving average is $7.97. The company has a market capitalization of $375.74 million, a PE ratio of -5.53 and a beta of 1.20.

Backblaze (NASDAQ:BLZE) last released its earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. Backblaze had a negative net margin of 57.70% and a negative return on equity of 105.94%. The company had revenue of $28.74 million for the quarter, compared to the consensus estimate of $28.18 million. As a group, sell-side analysts predict that Backblaze will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling at Backblaze

In other Backblaze news, CFO Francis P. Patchel sold 2,396 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $10.85, for a total transaction of $25,996.60. Following the completion of the sale, the chief financial officer now owns 184,165 shares in the company, valued at approximately $1,998,190.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Francis P. Patchel sold 2,396 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $10.85, for a total value of $25,996.60. Following the completion of the sale, the chief financial officer now owns 184,165 shares in the company, valued at approximately $1,998,190.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gleb Budman sold 50,000 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $10.66, for a total transaction of $533,000.00. Following the completion of the sale, the chief executive officer now owns 1,698,715 shares of the company’s stock, valued at approximately $18,108,301.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,429 shares of company stock worth $851,676. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of Backblaze

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of Backblaze by 275.9% in the 1st quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock worth $30,000 after acquiring an additional 2,069 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Backblaze by 23.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 14,951 shares of the company’s stock worth $65,000 after acquiring an additional 2,875 shares in the last quarter. Cutler Group LLC CA grew its stake in shares of Backblaze by 553.0% in the 4th quarter. Cutler Group LLC CA now owns 3,918 shares of the company’s stock worth $29,000 after acquiring an additional 3,318 shares in the last quarter. Barclays PLC grew its stake in shares of Backblaze by 29.3% in the 2nd quarter. Barclays PLC now owns 18,083 shares of the company’s stock worth $78,000 after acquiring an additional 4,101 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Backblaze by 14.6% in the 1st quarter. State Street Corp now owns 36,094 shares of the company’s stock worth $182,000 after acquiring an additional 4,600 shares in the last quarter. 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.