Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Target Price at $7.21

Backblaze, Inc. (NASDAQ:BLZE) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $7.2143.

Several equities research analysts recently issued reports on the company. Needham & Company LLC reduced their price objective on Backblaze from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. B. Riley Financial raised Backblaze to a “strong-buy” rating in a research note on Thursday, April 2nd. Loop Capital set a $8.00 price objective on Backblaze in a research note on Tuesday, February 24th. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a research note on Tuesday, February 24th. Finally, William Blair reaffirmed an “underperform” rating on shares of Backblaze in a research note on Monday, March 23rd.

Institutional Investors Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently made changes to their positions in BLZE. Royal Bank of Canada raised its stake in shares of Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after purchasing an additional 5,178 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Backblaze during the 3rd quarter worth about $47,000. ProShare Advisors LLC purchased a new stake in shares of Backblaze during the 4th quarter worth about $47,000. Oxford Asset Management LLP purchased a new stake in shares of Backblaze during the 4th quarter worth about $47,000. Finally, M&T Bank Corp purchased a new stake in shares of Backblaze during the 4th quarter worth about $49,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Price Performance

Shares of Backblaze stock opened at $4.21 on Monday. The stock has a 50-day moving average price of $3.80 and a 200 day moving average price of $5.14. The company has a market cap of $253.02 million, a P/E ratio of -9.15 and a beta of 1.30. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. Backblaze has a 1 year low of $3.26 and a 1 year high of $10.86.

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.