Brokerages Set Backblaze, Inc. (NASDAQ:BLZE) Price Target at $10.83

Backblaze, Inc. (NASDAQ:BLZE) has earned a consensus recommendation of “Buy” from the six research firms that are currently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $10.83.

BLZE has been the topic of several research analyst reports. Needham & Company LLC initiated coverage on Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price objective on the stock. B. Riley lowered their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Finally, Lake Street Capital cut their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th.

Institutional Investors Weigh In On Backblaze

Several institutional investors have recently bought and sold shares of BLZE. Charles Schwab Investment Management Inc. raised its stake in Backblaze by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company’s stock worth $755,000 after acquiring an additional 5,098 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Backblaze in the third quarter worth about $640,000. MetLife Investment Management LLC lifted its holdings in shares of Backblaze by 129.1% during the third quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock worth $155,000 after purchasing an additional 13,678 shares during the period. Verition Fund Management LLC lifted its stake in Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock valued at $101,000 after acquiring an additional 2,106 shares during the period. Finally, State Street Corp increased its stake in shares of Backblaze by 29.7% in the third quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after acquiring an additional 138,917 shares during the period. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Backblaze Stock Performance

Shares of BLZE opened at $4.74 on Friday. The business has a 50-day simple moving average of $5.87 and a two-hundred day simple moving average of $6.36. 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 52 week low of $4.07 and a 52 week high of $10.11. The stock has a market cap of $257.38 million, a price-to-earnings ratio of -4.27 and a beta of 1.02.

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.