Backblaze (NASDAQ:BLZE) Given New $11.00 Price Target at Craig Hallum

Backblaze (NASDAQ:BLZE) had its price target boosted by Craig Hallum from $10.00 to $11.00 in a report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Oppenheimer reduced their target price 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 Stock Up 1.6 %

BLZE opened at $7.46 on Monday. 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 has a 1-year low of $4.81 and a 1-year high of $12.65. The business has a 50 day moving average of $6.37 and a 200-day moving average of $6.87. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.34.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.13). The firm had revenue of $31.29 million during the quarter, compared to the consensus estimate of $30.93 million. Backblaze had a negative return on equity of 104.71% and a negative net margin of 42.34%. During the same period last year, the business earned ($0.38) earnings per share. As a group, sell-side analysts anticipate that Backblaze will post -0.99 earnings per share for the current year.

Insider Buying and Selling at Backblaze

In other Backblaze news, CEO Gleb Budman sold 4,527 shares of Backblaze stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $29,199.15. Following the completion of the transaction, the chief executive officer now directly owns 1,874,967 shares of the company’s stock, valued at approximately $12,093,537.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Backblaze news, CEO Gleb Budman sold 4,527 shares of Backblaze stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.45, for a total transaction of $29,199.15. Following the completion of the transaction, the chief executive officer now directly owns 1,874,967 shares of the company’s stock, valued at approximately $12,093,537.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Tina Cessna sold 3,894 shares of Backblaze stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the transaction, the vice president now directly owns 153,440 shares of the company’s stock, valued at approximately $989,688. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,483 shares of company stock valued at $311,530. 5.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company bought a new position in shares of Backblaze in the second quarter valued at about $102,000. Scalar Gauge Management LLC raised its holdings in shares of Backblaze by 6.4% in the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock valued at $1,545,000 after buying an additional 15,000 shares during the last quarter. XTX Topco Ltd raised 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 buying an additional 16,577 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in shares of Backblaze by 50.6% in the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock valued at $6,742,000 after buying an additional 367,500 shares during the last quarter. Finally, ClariVest Asset Management LLC raised its holdings in shares of Backblaze by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock valued at $465,000 after buying an additional 2,154 shares during the last quarter. 54.03% of the stock is owned by institutional investors.

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.