Backblaze (NASDAQ:BLZE) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC started coverage on shares of Backblaze (NASDAQ:BLZE) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $8.00 target price on the stock.

A number of other research firms also recently commented on BLZE. Lake Street Capital decreased their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. B. Riley decreased their price objective on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $10.83.

Backblaze Price Performance

BLZE stock opened at $5.10 on Tuesday. The company has a market capitalization of $226.44 million, a PE ratio of -4.59 and a beta of 0.89. Backblaze has a one year low of $4.91 and a one year high of $11.06. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company’s fifty day moving average price is $6.44 and its 200-day moving average price is $6.54.

Hedge Funds Weigh In On Backblaze

Institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Backblaze by 15.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after buying an additional 1,992 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Backblaze by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock valued at $508,000 after acquiring an additional 2,105 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Backblaze by 15.4% in the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after acquiring an additional 2,106 shares during the last quarter. EntryPoint Capital LLC boosted its stake in shares of Backblaze by 20.8% during the 4th quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after purchasing an additional 4,054 shares during the period. Finally, Quantbot Technologies LP boosted its stake in shares of Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after purchasing an additional 4,393 shares during the period. 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.