Backblaze (NASDAQ:BLZE) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Backblaze (NASDAQ:BLZE) from a hold rating to a buy rating in a research note issued to investors on Saturday.

Other analysts have also issued reports about the company. Loop Capital set a $8.00 target price on Backblaze in a report on Tuesday, February 24th. Needham & Company LLC increased their target price on Backblaze from $6.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Lake Street Capital increased their target price on Backblaze from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday. Craig Hallum lowered Backblaze from a “buy” rating to a “hold” rating and set a $4.50 target price on the stock. in a report on Tuesday, February 24th. Finally, Oppenheimer dropped their price objective on Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.00.

Backblaze Stock Performance

BLZE opened at $7.48 on Friday. The firm has a market cap of $449.55 million, a P/E ratio of -19.18 and a beta of 1.41. Backblaze has a 52-week low of $3.26 and a 52-week high of $10.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.07 and a current ratio of 1.05. The business’s fifty day moving average is $4.00 and its 200-day moving average is $4.95.

Backblaze (NASDAQ:BLZE) last released its earnings results on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $38.67 million for the quarter, compared to analyst estimates of $37.78 million. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%. Sell-side analysts expect that Backblaze will post -0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Several large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Backblaze by 8.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after purchasing an additional 2,229 shares during the last quarter. Invesco Ltd. raised its position in shares of Backblaze by 8.3% during the fourth quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock worth $206,000 after acquiring an additional 3,363 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Backblaze by 12.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock worth $151,000 after acquiring an additional 3,523 shares during the last quarter. Cerity Partners LLC raised its position in shares of Backblaze by 3.6% during the second quarter. Cerity Partners LLC now owns 109,001 shares of the company’s stock worth $600,000 after acquiring an additional 3,763 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Backblaze by 31.8% during the second quarter. The Manufacturers Life Insurance Company now owns 19,292 shares of the company’s stock worth $106,000 after acquiring an additional 4,650 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

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. 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.