In a report released today, Chad Bennett from Craig-Hallum reiterated a Buy rating on Backblaze (BLZE – Research Report), with a price target of $9.00. The company’s shares opened today at $5.99.
Bennett covers the Technology sector, focusing on stocks such as Evolv Technologies Holdings, OneSpan, and Backblaze. According to TipRanks, Bennett has an average return of -0.4% and a 45.50% success rate on recommended stocks.
Currently, the analyst consensus on Backblaze is a Strong Buy with an average price target of $11.40, which is a 90.32% upside from current levels. In a report released today, JMP Securities also reiterated a Buy rating on the stock with a $18.00 price target.
See the top stocks recommended by analysts >>
Based on Backblaze’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $24.59 million and a GAAP net loss of $14.34 million. In comparison, last year the company earned a revenue of $20.69 million and had a GAAP net loss of $11.58 million
Based on the recent corporate insider activity of 203 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BLZE in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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
