Wall Street Zen downgraded shares of Backblaze (NASDAQ:BLZE – Free Report) from a buy rating to a hold rating in a report published on Saturday morning,Wall Street Zen reports.
Several other research firms also recently commented on BLZE. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and increased their price objective for the company from $6.50 to $16.00 in a report on Tuesday, June 23rd. Citizens Jmp increased their price target on shares of Backblaze from $16.00 to $21.00 and gave the company a “market outperform” rating in a research note on Tuesday, August 4th. B. Riley Financial boosted their price objective on shares of Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Finally, Lake Street Capital reiterated a “buy” rating and issued a $21.00 target price on shares of Backblaze in a research note on Tuesday, August 4th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Backblaze has an average rating of “Moderate Buy” and an average target price of $19.71.
View Our Latest Analysis on Backblaze
Backblaze Trading Down 4.6%
Backblaze (NASDAQ:BLZE – Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%.The business had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. On average, equities analysts expect that Backblaze will post -0.28 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Backblaze news, CFO Marc Suidan sold 2,110 shares of Backblaze stock in a transaction on Friday, August 21st. The shares were sold at an average price of $15.82, for a total transaction of $33,380.20. Following the completion of the transaction, the chief financial officer directly owned 349,518 shares of the company’s stock, valued at $5,529,374.76. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gleb Budman sold 12,855 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $15.82, for a total transaction of $203,366.10. Following the completion of the transaction, the chief executive officer owned 2,192,103 shares in the company, valued at approximately $34,679,069.46. This represents a 0.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 4.20% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. AWM Investment Company Inc. acquired a new position in shares of Backblaze in the second quarter valued at approximately $22,207,000. Whetstone Capital Advisors LLC grew its holdings in Backblaze by 4.1% in the 4th quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock valued at $7,083,000 after buying an additional 59,263 shares in the last quarter. Renaissance Technologies LLC increased its position in Backblaze by 44.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company’s stock worth $4,046,000 after buying an additional 361,905 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Backblaze during the second quarter worth $3,074,000. Finally, Squarepoint Ops LLC boosted its position in shares of Backblaze by 385.1% in the second quarter. Squarepoint Ops LLC now owns 155,417 shares of the company’s stock valued at $2,465,000 after acquiring an additional 123,382 shares during the period. 54.03% of the stock is owned by institutional investors.
About Backblaze
Backblaze, Inc provides cloud storage and data backup services for businesses, developers and individual users. Its platform is designed to help customers store, protect, manage and recover data through scalable cloud-based infrastructure.
The company’s principal offerings include Backblaze B2 Cloud Storage, an object-storage service used for applications, content distribution, backup, archiving and disaster recovery, and Backblaze Computer Backup, which helps individuals and organizations back up data from computers.
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