Craig Hallum Increases Backblaze (NASDAQ:BLZE) Price Target to $11.00

Backblaze (NASDAQ:BLZE - Get Free Report) had its price target boosted by equities researchers at Craig Hallum from $10.00 to $11.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Craig Hallum's price objective would suggest a potential upside of 47.45% from the stock's current price.

Separately, Oppenheimer dropped their price target on Backblaze from $11.00 to $10.00 and set an "outperform" rating for the company in a research report on Friday, August 9th.

Backblaze Price Performance

Shares of BLZE stock traded up $0.12 during trading hours on Monday, hitting $7.46. The stock had a trading volume of 236,674 shares, compared to its average volume of 349,678. Backblaze has a one year low of $4.81 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.61 and a quick ratio of 0.61. The stock's 50-day moving average price is $6.37 and its two-hundred day moving average price is $6.87. The stock has a market capitalization of $309.59 million, a price-to-earnings ratio of -5.25 and a beta of 1.02.

Backblaze (NASDAQ:BLZE - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) 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 firm 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 firm posted ($0.38) earnings per share. Equities analysts forecast that Backblaze will post -0.99 EPS for the current year.

Insider Buying and Selling

In related 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 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 approximately $12,093,537.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Backblaze news, VP Tina Cessna sold 3,894 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $25,116.30. Following the completion of the transaction, the vice president now owns 153,440 shares in the company, valued at $989,688. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gleb Budman sold 4,527 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,874,967 shares of the company's stock, valued at $12,093,537.15. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,483 shares of company stock worth $311,530. Corporate insiders own 5.20% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BLZE. The Manufacturers Life Insurance Company purchased a new position in shares of Backblaze during the second quarter valued at approximately $102,000. SG Americas Securities LLC boosted its holdings in shares of Backblaze by 84.1% in the second quarter. SG Americas Securities LLC now owns 21,283 shares of the company's stock valued at $131,000 after purchasing an additional 9,720 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of Backblaze in the first quarter valued at approximately $154,000. Lazard Asset Management LLC boosted its holdings in shares of Backblaze by 165.7% in the first quarter. Lazard Asset Management LLC now owns 18,102 shares of the company's stock valued at $185,000 after purchasing an additional 11,289 shares during the period. Finally, XTX Topco Ltd boosted its holdings in shares of Backblaze by 90.7% in the second quarter. XTX Topco Ltd now owns 34,851 shares of the company's stock valued at $215,000 after purchasing an additional 16,577 shares during the period. 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.