Backblaze (NASDAQ:BLZE) Price Target Raised to $14.00 at Raymond James

Backblaze (NASDAQ:BLZE) had its price target boosted by equities researchers at Raymond James from $13.00 to $14.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price objective indicates a potential upside of 99.15% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Craig Hallum raised their price objective on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Oppenheimer dropped their price target on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th.

Backblaze Stock Down 11.6 %

Shares of NASDAQ:BLZE traded down $0.92 during trading on Friday, reaching $7.03. 260,987 shares of the stock were exchanged, compared to its average volume of 339,275. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The stock has a fifty day moving average of $6.63 and a two-hundred day moving average of $6.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a market cap of $301.59 million, a price-to-earnings ratio of -5.58 and a beta of 0.99.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.13). Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. The business had revenue of $31.29 million during the quarter, compared to the consensus estimate of $30.93 million. During the same period last year, the business posted ($0.38) earnings per share. Research analysts anticipate that Backblaze will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Backblaze

In related news, CEO Gleb Budman sold 4,527 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $29,199.15. Following the transaction, the chief executive officer now directly owns 1,874,967 shares of the company’s stock, valued at approximately $12,093,537.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $25,116.30. Following the completion of the transaction, the vice president now directly owns 153,440 shares in the company, valued at approximately $989,688. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gleb Budman sold 4,527 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $29,199.15. Following the sale, the chief executive officer now owns 1,874,967 shares in the company, valued at approximately $12,093,537.15. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,483 shares of company stock worth $311,530 in the last quarter. 5.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Backblaze

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ClariVest Asset Management LLC grew its holdings in shares of Backblaze by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock worth $465,000 after purchasing an additional 2,154 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Backblaze by 84.1% in the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock worth $131,000 after buying an additional 9,720 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Backblaze by 165.7% during the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock valued at $185,000 after buying an additional 11,289 shares in the last quarter. Scalar Gauge Management LLC lifted its holdings in shares of Backblaze by 6.4% during the 2nd quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock worth $1,545,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in Backblaze in the first quarter worth $154,000. Hedge funds and other 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.