Backblaze (NASDAQ:BLZE) Given New $10.00 Price Target at Oppenheimer

Backblaze (NASDAQ:BLZE) had its price target cut by equities research analysts at Oppenheimer from $11.00 to $10.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 55.52% from the company’s current price.

Backblaze Stock Performance

BLZE traded up $1.24 during trading hours on Friday, hitting $6.43. 324,620 shares of the stock were exchanged, compared to its average volume of 381,577. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $266.85 million, a price-to-earnings ratio of -4.47 and a beta of 1.03. Backblaze has a 12 month low of $4.19 and a 12 month high of $12.65. The stock has a 50-day simple moving average of $6.10 and a 200-day simple moving average of $8.16.

Backblaze (NASDAQ:BLZE) last released its earnings results on Wednesday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The firm had revenue of $29.97 million for the quarter, compared to analyst estimates of $29.75 million. Backblaze had a negative return on equity of 105.67% and a negative net margin of 48.62%. Analysts anticipate that Backblaze will post -1.07 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Francis P. Patchel sold 10,328 shares of Backblaze stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $6.45, for a total transaction of $66,615.60. Following the transaction, the chief financial officer now directly owns 162,653 shares of the company’s stock, valued at $1,049,111.85. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 20,058 shares of company stock valued at $131,703 over the last three months. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Backblaze

A number of institutional investors have recently bought and sold shares of BLZE. Acadian Asset Management LLC increased its stake in Backblaze by 117.0% in the 1st quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock worth $7,052,000 after purchasing an additional 371,851 shares in the last quarter. Scalar Gauge Management LLC purchased a new position in Backblaze in the 4th quarter worth about $1,677,000. First Eagle Investment Management LLC increased its stake in Backblaze by 46.3% in the 4th quarter. First Eagle Investment Management LLC now owns 659,515 shares of the company’s stock worth $5,006,000 after purchasing an additional 208,759 shares in the last quarter. Essex Investment Management Co. LLC purchased a new position in Backblaze in the 1st quarter worth about $2,048,000. Finally, Bank of New York Mellon Corp purchased a new position in Backblaze in the 2nd quarter worth about $701,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.