Backblaze (NASDAQ:BLZE) Given New $11.00 Price Target at Lake Street Capital

Backblaze (NASDAQ:BLZE - Get Free Report) had its target price dropped by Lake Street Capital from $12.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Lake Street Capital's target price indicates a potential upside of 68.20% from the company's previous close.

Several other research analysts also recently commented on BLZE. B. Riley decreased their price objective on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, February 18th. Raymond James raised their price target on Backblaze from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze presently has a consensus rating of "Buy" and a consensus target price of $11.40.

Backblaze Stock Up 1.2 %

Shares of NASDAQ BLZE traded up $0.08 during trading on Wednesday, reaching $6.54. The company had a trading volume of 713,480 shares, compared to its average volume of 350,261. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze has a 12-month low of $4.91 and a 12-month high of $12.65. The stock has a market cap of $290.38 million, a PE ratio of -5.89 and a beta of 0.92. The business's 50-day moving average is $6.52 and its 200 day moving average is $6.58.

Hedge Funds Weigh In On Backblaze

A number of large investors have recently bought and sold shares of BLZE. JPMorgan Chase & Co. raised its position in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company's stock valued at $801,000 after purchasing an additional 88,652 shares in the last quarter. State Street Corp raised its position in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company's stock valued at $3,874,000 after purchasing an additional 138,917 shares in the last quarter. Geode Capital Management LLC raised its position in Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company's stock valued at $5,525,000 after purchasing an additional 21,593 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Backblaze during the 3rd quarter valued at $944,000. Finally, Barclays PLC raised its position in Backblaze by 124.4% during the 3rd quarter. Barclays PLC now owns 78,205 shares of the company's stock valued at $500,000 after purchasing an additional 43,354 shares in the last quarter. 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.