Backblaze (NASDAQ:BLZE) Given New $11.00 Price Target at Lake Street Capital

Backblaze (NASDAQ:BLZE) had its price target trimmed by Lake Street Capital from $12.00 to $11.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on BLZE. Raymond James lifted their price objective on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. 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. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $11.40.

Backblaze Stock Performance

Backblaze stock opened at $6.68 on Wednesday. Backblaze has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The firm’s 50 day simple moving average is $6.51 and its 200-day simple moving average is $6.57. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $296.59 million, a P/E ratio of -6.02 and a beta of 0.92.

Institutional Investors Weigh In On Backblaze

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AWM Investment Company Inc. grew its holdings in shares of Backblaze by 2,664.4% during the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after acquiring an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC purchased a new position in Backblaze in the fourth quarter valued at about $10,836,000. First Eagle Investment Management LLC grew its stake in Backblaze by 4.5% in the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock valued at $6,986,000 after purchasing an additional 49,800 shares in the last quarter. Geode Capital Management LLC increased its position in Backblaze by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock worth $5,273,000 after purchasing an additional 11,267 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Backblaze by 21.2% during the 4th quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock worth $3,749,000 after purchasing an additional 108,884 shares in the last quarter. 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.