Backblaze’s (BLZE) Underperform Rating Reaffirmed at William Blair

Backblaze (NASDAQ:BLZE)‘s stock had its “underperform” rating reaffirmed by stock analysts at William Blair in a note issued to investors on Monday, MarketBeat.com reports.

Other research analysts have also recently issued research reports about the company. Citigroup reissued a “market outperform” rating on shares of Backblaze in a research note on Tuesday, February 24th. Oppenheimer reduced their price objective on shares of Backblaze from $9.50 to $8.50 and set an “outperform” rating for the company in a report on Tuesday, February 24th. Lake Street Capital reiterated a “buy” rating on shares of Backblaze in a research report on Tuesday, February 24th. B. Riley Financial dropped their price target on shares of Backblaze from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Finally, Craig Hallum cut shares of Backblaze from a “buy” rating to a “hold” rating and set a $4.50 price objective for the company. in a report on Tuesday, February 24th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.21.

Backblaze Stock Performance

Shares of NASDAQ BLZE opened at $3.66 on Monday. Backblaze has a 12-month low of $3.54 and a 12-month high of $10.86. The company has a market cap of $219.97 million, a PE ratio of -7.96 and a beta of 1.30. The stock has a 50 day simple moving average of $4.22 and a 200-day simple moving average of $6.18. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. boosted its position in shares of Backblaze by 39.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,469 shares of the company’s stock valued at $30,000 after purchasing an additional 1,559 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Backblaze by 8.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock worth $161,000 after buying an additional 2,229 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in Backblaze by 34.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,810 shares of the company’s stock worth $59,000 after buying an additional 2,786 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Backblaze by 8.3% in the fourth quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock valued at $206,000 after buying an additional 3,363 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Backblaze by 12.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock valued at $151,000 after acquiring an additional 3,523 shares during the last quarter. 54.03% of the stock is currently owned by institutional investors.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.