Citizens Reiterates Buy Rating on Backblaze, Inc. (BLZE)
Citizens reiterated its buy rating for Backblaze with a $14 price target, a 4.32% upside from the current price.
Key Points
- Citizens reiterated its buy rating on Backblaze, Inc. (NASDAQ:BLZE) with a $14 price target on June 24, 2026.
- Citizens's $14 price target implies 4.32% upside from Backblaze, Inc.'s ($BLZE) current $13.42 share price.
- Shares of Backblaze traded at approximately $11.97 on Friday, with a market cap of $805.4 million and a forward P/E of 87.0.
- Insider transactions showed buying activity, while analysts maintained buy ratings with targets from $14 to $16.
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On June 24, 2026, Citizens reiterated its buy rating on Backblaze, Inc. (NASDAQ:BLZE), setting a price target of $14. This analyst action reflects confidence in the company's prospects, despite the stock trading around $11.97 on the same day.
Other Institutional Activity in Backblaze
Among other institutional investors, Vanguard Capital Management LLC opened a new position in Backblaze, holding 2,344,447 shares worth approximately $8.09 million. Pillsbury Lake Capital LLC increased its stake by 232,151 shares, now holding 1,961,283 shares valued at about $6.77 million, marking a 13.4% increase. Acadian Asset Management LLC also expanded its holdings by 468,803 shares, reaching a total of 1,638,568 shares worth around $5.65 million, a 40.1% boost. In contrast, BlackRock, Inc. slightly reduced its position by 56,142 shares, maintaining 3,683,899 shares valued at $12.71 million.
Backblaze, Inc. Stock Down 6.4%
Shares of Backblaze, Inc. traded near $11.97 on Friday. The company, with a market cap of about $805.4 million, has a forward P/E ratio of 87.0 and a beta of 1.723, indicating some volatility. The stock's 52-week range spans from $3.26 to $14.63, with a 50-day moving average of $7.03 and a 200-day moving average of $6.18. Backblaze's current ratio stands at 1.048, and its debt-to-equity ratio is 73.67.
$BLZE price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
Backblaze reported revenue of $149.9 million, reflecting a growth rate of 11.7%. However, the company is not yet profitable, with a net margin of -14.97% and a return on equity of -27.63%. The next earnings report is anticipated on August 6, 2026.
Insider Buying and Selling at Backblaze, Inc.
Several insiders, including Nelson Barbara, Carter Miller Jocelyn, An Evelyn, and Fry Earl, each purchased 19,306 shares of Backblaze on May 26, 2026. Meanwhile, CEO and Chairperson Gleb Budman sold 18,000 and 13,177 shares on May 20, 2026, at an average price of $7.43 per share.
Analysts Set New Price Targets
On June 24, 2026, various analysts maintained their buy ratings for Backblaze. Lake Street, B. Riley Securities, Citizens, and Needham all set price targets of $14, while Craig-Hallum upgraded its target to $16 on June 23, 2026. The consensus among analysts is a strong buy, with a mean target price of $13.70 across seven opinions.
About Backblaze, Inc.
Backblaze, Inc. is a cloud storage company headquartered in San Francisco, California. Founded in 2007, it provides cloud services that help businesses and individuals store, use, and protect data. The company offers B2 Cloud Storage and computer backup services, catering to a wide range of clients from small businesses to large enterprises across various industries. Led by CEO Gleb Budman, Backblaze employs around 320 people.
Bottom Line
Backblaze, Inc. continues to attract attention from analysts and institutional investors, with Citizens reiterating its buy rating and a $14 price target. The company's cloud services are gaining traction, though its financials show ongoing challenges to profitability. As always, 13F filings and analyst ratings provide a snapshot of past positions and opinions, which may not reflect current holdings or future performance.
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