JMP Securities analyst Erik Suppiger reiterated a Buy rating on Backblaze (BLZE – Research Report) today and set a price target of $18.00.
Erik Suppiger of JMP Securities has given his Buy rating to Backblaze (ticker: BLZE) due to a combination of factors. The company’s third quarter results in 2023 were consistent with consensus and with the company’s own financial update. Backblaze reported its earnings per share and revenue, which were nearly in line with predictions. The company also reported an increase in its annual recurring revenue and managed to lower its negative adjusted EBITDA margins, which led to an increase in stock performance in aftermarket trading.
The management team at Backblaze has projected an improvement in adjusted EBITDA margins and an increase in revenues for the fourth quarter. This is due in part to price increases across product lines and implemented cost-saving measures. The management team believes that the company’s revenue growth and profit margins reached an inflection point in the third quarter. Additionally, the company managed to slow down its cash usage, due in part to a one-time workforce reduction and other efficiency measures. The management team expects this trend to continue, further strengthening the financial position of the company.
Suppiger covers the Technology sector, focusing on stocks such as Aviat Networks, Box, and Nutanix. According to TipRanks, Suppiger has an average return of 13.3% and a 52.33% success rate on recommended stocks.
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Backblaze (BLZE) Company Description:
Backblaze Inc provides cloud storage services. The company offers services such as Backblaze B2 Cloud Storage which enables customers to store data, developers to build applications, and partners to expand their use cases. It is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases including backups, multi-cloud, application development, and ransomware protection and Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. Geographically, it derives a majority of revenue from the United States.
Read More on BLZE:
- Backblaze Announces Third Quarter 2023 Financial Results
- Backblaze announces new innovation on data upload technology
- Backblaze Improves Performance with Breakthrough Storage Cloud Innovation
- Backblaze, HYCU partner to protect workloads for hybrid cloud environments
- Backblaze and HYCU Team Up to Protect Critical Workloads for On-Prem and Hybrid Cloud Environments
