Backblaze (NASDAQ:BLZE) Price Target Raised to $13.00 at Oppenheimer

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

BLZE has been the topic of a number of other research reports. Raymond James increased their target price on Backblaze from $12.00 to $14.00 and gave the company an outperform rating in a report on Friday, February 16th. B. Riley increased their target price on Backblaze from $9.00 to $11.00 and gave the company a buy rating in a report on Friday, February 9th.

Backblaze Stock Performance

NASDAQ BLZE opened at $9.18 on Wednesday. Backblaze has a 1-year low of $3.50 and a 1-year high of $12.65. The company has a market capitalization of $378.22 million, a P/E ratio of -5.56 and a beta of 1.20. The business has a 50 day moving average price of $10.23 and a 200 day moving average price of $8.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.67 and a quick ratio of 0.67.

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

Insider Transactions at Backblaze

In other news, CEO Gleb Budman sold 50,000 shares of the firm’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 sale, the chief executive officer now owns 1,698,715 shares in the company, valued at $18,108,301.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Francis P. Patchel sold 3,434 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $9.84, for a total value of $33,790.56. Following the transaction, the chief financial officer now directly owns 178,575 shares of the company’s stock, valued at approximately $1,757,178. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gleb Budman sold 50,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $10.66, for a total value of $533,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,698,715 shares in the company, valued at $18,108,301.90. The disclosure for this sale can be found here. Insiders have sold 81,429 shares of company stock worth $851,676 over the last quarter. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Royal Bank of Canada raised its position 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 buying an additional 2,069 shares during the period. Cutler Group LLC CA raised its position 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 buying an additional 3,318 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Backblaze in the 3rd quarter worth $34,000. AJOVista LLC purchased a new position in shares of Backblaze in the 4th quarter worth $67,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Backblaze in the 4th quarter worth $76,000. 54.03% of the stock is owned by hedge funds and other 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.