Backblaze (NASDAQ:BLZE) PT Raised to $11.00 at Craig Hallum

Backblaze (NASDAQ:BLZE) had its price target hoisted by Craig Hallum from $10.00 to $11.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s target price suggests a potential upside of 48.85% from the stock’s previous close.

Separately, Oppenheimer lowered their target price on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 9th.

Backblaze Stock Down 0.9 %

Shares of NASDAQ BLZE opened at $7.39 on Monday. The firm has a market cap of $306.69 million, a PE ratio of -5.20 and a beta of 1.02. Backblaze has a 12-month low of $4.81 and a 12-month high of $12.65. The company’s fifty day simple moving average is $6.39 and its 200 day simple moving average is $6.85. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.34.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.13). Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. The business had revenue of $31.29 million during the quarter, compared to the consensus estimate of $30.93 million. During the same period last year, the business posted ($0.38) earnings per share. As a group, sell-side analysts forecast that Backblaze will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Barbara H. Nelson sold 16,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $6.79, for a total transaction of $108,640.00. Following the completion of the sale, the director now owns 62,346 shares in the company, valued at approximately $423,329.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Gleb Budman sold 4,527 shares of Backblaze stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $29,199.15. Following the completion of the transaction, the chief executive officer now owns 1,874,967 shares in the company, valued at $12,093,537.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barbara H. Nelson sold 16,000 shares of Backblaze stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $6.79, for a total transaction of $108,640.00. Following the completion of the transaction, the director now owns 62,346 shares of the company’s stock, valued at $423,329.34. The trade was 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 worth $311,530. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC boosted its position in shares of Backblaze by 117.0% in the first quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after acquiring an additional 371,851 shares during the period. First Eagle Investment Management LLC boosted its position in shares of Backblaze by 50.6% in the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock valued at $6,742,000 after acquiring an additional 367,500 shares during the period. Essex Investment Management Co. LLC bought a new position in shares of Backblaze in the first quarter valued at approximately $2,048,000. Bank of New York Mellon Corp bought a new position in shares of Backblaze in the second quarter valued at approximately $701,000. Finally, Quadrature Capital Ltd bought a new position in shares of Backblaze in the first quarter valued at approximately $643,000. Hedge funds and other 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.