Backblaze (NASDAQ:BLZE) Price Target Increased to $13.00 by Analysts at Oppenheimer

Backblaze (NASDAQ:BLZE) had its price target raised by equities researchers at Oppenheimer from $11.00 to $13.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective would indicate a potential upside of 42.39% from the company’s current price.

Several other brokerages have also recently weighed in on BLZE. B. Riley raised their price objective on Backblaze from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 9th. Raymond James raised their price objective on Backblaze from $12.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, February 16th.

Backblaze Stock Performance

BLZE opened at $9.13 on Wednesday. The business’s 50-day moving average price is $10.23 and its two-hundred day moving average price is $7.98. Backblaze has a 1 year low of $3.50 and a 1 year high of $12.65. The company has a market capitalization of $376.16 million, a price-to-earnings ratio of -5.53 and a beta of 1.20. 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 released its quarterly earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.04. The firm had revenue of $28.74 million for the quarter, compared to the consensus estimate of $28.18 million. Backblaze had a negative return on equity of 105.94% and a negative net margin of 57.70%. Equities analysts expect that Backblaze will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Tina Cessna sold 20,000 shares of Backblaze stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $9.95, for a total transaction of $199,000.00. Following the completion of the transaction, the vice president now owns 121,083 shares in the company, valued at $1,204,775.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Tina Cessna sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $9.95, for a total transaction of $199,000.00. Following the completion of the sale, the vice president now owns 121,083 shares in the company, valued at $1,204,775.85. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Francis P. Patchel sold 2,396 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $10.85, for a total value of $25,996.60. Following the sale, the chief financial officer now owns 184,165 shares of the company’s stock, valued at approximately $1,998,190.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,429 shares of company stock worth $851,676. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Backblaze

A number of institutional investors have recently made changes to their positions in BLZE. BlackRock Inc. raised its position in shares of Backblaze by 7.9% in the first quarter. BlackRock Inc. now owns 116,228 shares of the company’s stock valued at $1,239,000 after buying an additional 8,536 shares in the last quarter. Blair William & Co. IL acquired a new stake in shares of Backblaze in the first quarter valued at approximately $140,000. Vanguard Group Inc. raised its position in shares of Backblaze by 269.7% in the first quarter. Vanguard Group Inc. now owns 412,992 shares of the company’s stock valued at $4,407,000 after buying an additional 301,271 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Backblaze in the first quarter valued at approximately $620,000. Finally, State Street Corp acquired a new stake in shares of Backblaze in the first quarter valued at approximately $261,000. 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.