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

Backblaze (NASDAQ:BLZE) had its price target increased by Raymond James from $13.00 to $14.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Raymond James’ target price would suggest a potential upside of 99.15% from the company’s current price.

A number of other research analysts have also recently commented on BLZE. Craig Hallum increased their target price on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Oppenheimer cut their target price 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 Price Performance

NASDAQ BLZE traded down $0.92 on Friday, hitting $7.03. 260,987 shares of the company’s stock were exchanged, compared to its average volume of 339,275. The stock has a 50-day moving average of $6.63 and a 200-day moving average of $6.69. The stock has a market cap of $301.59 million, a price-to-earnings ratio of -5.58 and a beta of 0.99. Backblaze has a 52 week low of $4.91 and a 52 week high of $12.65. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.34.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data 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). Backblaze had a negative return on equity of 104.71% and a negative net margin of 42.34%. The business had revenue of $31.29 million for the quarter, compared to the consensus estimate of $30.93 million. During the same quarter in the prior year, the company earned ($0.38) earnings per share. Analysts expect that Backblaze will post -0.99 earnings per share for the current year.

Insider Activity

In related news, CEO Gleb Budman sold 4,527 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $12,093,537.15. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Gleb Budman sold 4,527 shares of Backblaze stock in a transaction that occurred on Friday, August 23rd. The stock was 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 $12,093,537.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barbara H. Nelson sold 16,000 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 62,346 shares of the company’s stock, valued at $423,329.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,483 shares of company stock valued at $311,530. Insiders own 5.20% of the company’s stock.

Institutional Trading of Backblaze

Institutional investors have recently bought and sold shares of the company. First Eagle Investment Management LLC lifted its stake in shares of Backblaze by 50.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock valued at $6,742,000 after purchasing an additional 367,500 shares during the period. Acadian Asset Management LLC increased its holdings in Backblaze by 117.0% in the first quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock worth $7,052,000 after purchasing an additional 371,851 shares in the last quarter. Scalar Gauge Management LLC lifted its stake in Backblaze by 6.4% in the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock valued at $1,545,000 after buying an additional 15,000 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Backblaze during the 3rd quarter worth approximately $944,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Backblaze during the 2nd quarter worth approximately $701,000. 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.