Raymond James Forecasts Strong Price Appreciation for Backblaze (NASDAQ:BLZE) Stock

Backblaze (NASDAQ:BLZE) had its target price raised by Raymond James from $13.00 to $14.00 in a report released on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the stock.

Other analysts also recently issued reports about the company. Craig Hallum raised their target price on Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Oppenheimer decreased their price objective on Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 9th.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $7.02 on Friday. Backblaze has a 1-year low of $4.91 and a 1-year high of $12.65. The stock has a market cap of $301.16 million, a PE ratio of -6.32 and a beta of 0.99. The stock’s fifty day simple moving average is $6.66 and its two-hundred day simple moving average is $6.64. 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 released its earnings results on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). Backblaze had a negative return on equity of 99.03% and a negative net margin of 37.13%. The business had revenue of $32.59 million for the quarter, compared to the consensus estimate of $32.54 million. During the same quarter in the previous year, the firm earned ($0.43) earnings per share. As a group, analysts forecast that Backblaze will post -0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gleb Budman sold 4,527 shares of Backblaze stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $29,199.15. Following the completion of the sale, the chief executive officer now owns 1,874,967 shares in the company, valued at approximately $12,093,537.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Gleb Budman sold 4,527 shares of the stock in a transaction 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 owns 1,874,967 shares of the company’s stock, valued at $12,093,537.15. This represents 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, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $6.45, for a total value of $25,116.30. Following the sale, the vice president now directly owns 153,440 shares of the company’s stock, valued at approximately $989,688. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,483 shares of company stock worth $311,530 in the last ninety days. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BLZE. Acadian Asset Management LLC grew its holdings in shares of Backblaze by 117.0% during the 1st quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after purchasing an additional 371,851 shares during the last quarter. First Eagle Investment Management LLC increased its holdings 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 worth $6,742,000 after buying an additional 367,500 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Backblaze in the 3rd quarter valued at about $944,000. Bank of New York Mellon Corp purchased a new stake in Backblaze during the 2nd quarter valued at about $701,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Backblaze by 45.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock worth $2,172,000 after acquiring an additional 106,285 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.