Backblaze (NASDAQ:BLZE – Get Free Report) had its price target hoisted by research analysts at B. Riley Financial from $16.00 to $24.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s price target would indicate a potential upside of 5.12% from the company’s previous close.
A number of other research analysts also recently weighed in on BLZE. William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Wall Street Zen lowered Backblaze from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings downgraded Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Citigroup restated a “market outperform” rating on shares of Backblaze in a report on Thursday, July 23rd. Finally, Craig Hallum raised shares of Backblaze from a “hold” rating to a “buy” rating and upped their target price for the stock from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.36.
View Our Latest Stock Analysis on Backblaze
Backblaze Trading Up 46.4%
Backblaze (NASDAQ:BLZE – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.06. Backblaze had a negative net margin of 14.97% and a negative return on equity of 20.54%. The company had revenue of $42.71 million during the quarter, compared to the consensus estimate of $39.94 million. Equities research analysts predict that Backblaze will post -0.37 earnings per share for the current fiscal year.
Institutional Trading of Backblaze
Institutional investors have recently bought and sold shares of the company. Baader Bank Aktiengesellschaft purchased a new stake in shares of Backblaze during the fourth quarter valued at approximately $699,000. GSA Capital Partners LLP raised its holdings in Backblaze by 159.7% in the 4th quarter. GSA Capital Partners LLP now owns 299,218 shares of the company’s stock worth $1,394,000 after acquiring an additional 184,015 shares during the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new position in Backblaze in the 4th quarter worth approximately $1,165,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Backblaze in the 4th quarter valued at approximately $712,000. Finally, Perkins Capital Management Inc. boosted its stake in Backblaze by 21.6% during the 1st quarter. Perkins Capital Management Inc. now owns 339,025 shares of the company’s stock valued at $1,170,000 after purchasing an additional 60,250 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.
Key Stories Impacting Backblaze
Here are the key news stories impacting Backblaze this week:
- Positive Sentiment: Q2 earnings and revenue exceeded expectations. Backblaze reported adjusted EPS of $0.08, ahead of the $0.02 consensus estimate, while revenue reached $42.71 million versus expectations of $39.94 million. Overall revenue grew 18% year over year, and B2 cloud-storage revenue growth accelerated to 34%. Backblaze Announces Second Quarter 2026 Financial Results
- Positive Sentiment: Management raised its full-year outlook. Backblaze now expects 2026 revenue of $172 million to $174 million, well above the $162.3 million analyst consensus. Third-quarter revenue guidance of $44.4 million to $44.8 million also exceeds the $41.2 million consensus estimate. Backblaze raises 2026 revenue outlook
- Positive Sentiment: AI-related demand is strengthening. The company signed a $335 million strategic agreement with CoreWeave, supporting the investment case that demand for affordable cloud storage will benefit from expanding AI workloads. Management also projects B2 revenue growth of more than 40% in 2027. Backblaze second-quarter results and CoreWeave agreement
- Positive Sentiment: Needham raised its price target to $23 from $14 and maintained a Buy rating, indicating continued confidence in Backblaze’s growth prospects. Needham raises Backblaze price target
- Neutral Sentiment: Backblaze is presenting at Ai4 2026, highlighting its positioning in AI infrastructure, although the event is unlikely to materially affect near-term financial results. Backblaze to present at Ai4 2026
- Negative Sentiment: Citizens JMP raised its target to $21 from $16 but retained a Market Outperform rating. The new target remains below the stock’s recent trading level, signaling that some analysts view the near-term valuation as stretched after the rally. Citizens JMP raises Backblaze price target
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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.
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