Needham & Company LLC Cuts Backblaze (NASDAQ:BLZE) Price Target to $8.00

Backblaze (NASDAQ:BLZE) had its target price cut by Needham & Company LLC from $12.00 to $8.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently weighed in on BLZE. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, October 8th. JMP Securities raised their price objective on Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th. Finally, Oppenheimer boosted their target price on Backblaze from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Backblaze Price Performance

Shares of BLZE stock opened at $5.80 on Thursday. The stock’s 50-day moving average is $9.49 and its 200 day moving average is $7.04. Backblaze has a 1-year low of $3.94 and a 1-year high of $10.86. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $327.70 million, a P/E ratio of -6.52 and a beta of 1.24.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Thursday, November 6th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. The business had revenue of $37.16 million during the quarter, compared to the consensus estimate of $36.93 million. Research analysts predict that Backblaze will post -1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Backblaze by 5.3% in the first quarter. Bank of New York Mellon Corp now owns 88,945 shares of the company’s stock valued at $430,000 after purchasing an additional 4,505 shares during the period. Cerity Partners LLC boosted its position in Backblaze by 5.2% in the first quarter. Cerity Partners LLC now owns 105,238 shares of the company’s stock valued at $508,000 after buying an additional 5,168 shares during the last quarter. Corton Capital Inc. acquired a new position in Backblaze in the 1st quarter worth approximately $52,000. XTX Topco Ltd raised its position in Backblaze by 11.9% during the 1st quarter. XTX Topco Ltd now owns 96,030 shares of the company’s stock worth $464,000 after buying an additional 10,249 shares during the last quarter. Finally, R Squared Ltd lifted its stake in Backblaze by 135.3% during the 1st quarter. R Squared Ltd now owns 14,730 shares of the company’s stock valued at $71,000 after acquiring an additional 8,470 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.