Needham & Company LLC Initiates Coverage on Backblaze (NASDAQ:BLZE)

Analysts at Needham & Company LLC started coverage on shares of Backblaze (NASDAQ:BLZE) in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 60.64% from the stock’s current price.

Several other research firms have also recently commented on BLZE. B. Riley dropped their target price on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, February 18th. Lake Street Capital dropped their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze currently has a consensus rating of “Buy” and an average target price of $10.83.

Backblaze Price Performance

Backblaze stock opened at $4.98 on Tuesday. Backblaze has a 52 week low of $4.91 and a 52 week high of $11.70. The company’s 50 day moving average price is $6.47 and its two-hundred day moving average price is $6.55. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market cap of $221.11 million, a P/E ratio of -4.49 and a beta of 0.89.

Institutional Investors Weigh In On Backblaze

Hedge funds have recently modified their holdings of the stock. R Squared Ltd bought a new stake in Backblaze during the 4th quarter valued at $38,000. Tower Research Capital LLC TRC raised its stake in Backblaze by 300.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after buying an additional 5,293 shares in the last quarter. ProShare Advisors LLC purchased a new stake in Backblaze in the fourth quarter worth about $68,000. Quantbot Technologies LP grew its holdings in Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after purchasing an additional 4,393 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Backblaze by 15.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after purchasing an additional 1,992 shares during the period. Institutional investors own 54.03% of the company’s stock.

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.