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

Backblaze (NASDAQ:BLZE) had its price target lifted by equities research analysts at Raymond James from $13.00 to $14.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James’ price target would suggest a potential upside of 104.08% from the stock’s previous close.

BLZE has been the subject of several other reports. Craig Hallum increased their target price on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, October 21st. Oppenheimer dropped their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 9th.

Backblaze Trading Down 13.7 %

Shares of BLZE stock opened at $6.86 on Friday. The stock has a market capitalization of $294.29 million, a PE ratio of -5.44 and a beta of 0.99. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The business has a 50-day moving average of $6.64 and a 200 day moving average of $6.67. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.61 and a quick ratio of 0.61.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.13). The company had revenue of $31.29 million for the quarter, compared to analysts’ expectations of $30.93 million. Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. During the same quarter in the prior year, the company earned ($0.38) earnings per share. As a group, sell-side analysts anticipate that Backblaze will post -0.99 earnings per share for the current year.

Insider Buying and Selling

In other Backblaze news, Director Barbara H. Nelson sold 16,000 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.79, for a total transaction of $108,640.00. Following the transaction, the director now directly owns 62,346 shares of the company’s stock, valued at approximately $423,329.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Backblaze news, Director Barbara H. Nelson sold 16,000 shares of Backblaze stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $6.79, for a total transaction of $108,640.00. Following the sale, the director now directly owns 62,346 shares of the company’s stock, valued at approximately $423,329.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Francis P. Patchel sold 13,107 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.55, for a total value of $85,850.85. Following the transaction, the chief financial officer now owns 159,116 shares in the company, valued at $1,042,209.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,483 shares of company stock valued at $311,530 over the last quarter. 5.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Backblaze

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. purchased a new stake in shares of Backblaze in the 1st quarter worth about $154,000. The Manufacturers Life Insurance Company bought a new position in shares of Backblaze in the 2nd quarter worth about $102,000. Lazard Asset Management LLC increased its stake in shares of Backblaze by 165.7% in the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock worth $185,000 after acquiring an additional 11,289 shares in the last quarter. SG Americas Securities LLC increased its stake 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 acquiring an additional 9,720 shares in the last quarter. Finally, Tempus Wealth Planning LLC bought a new position in shares of Backblaze in the 3rd quarter worth about $157,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.