Craig-Hallum Upgrades Backblaze to 'Buy', Sets $16 Target
Craig-Hallum raises Backblaze's rating to 'buy' with a $16 price target, a 19.23% upside from the current price.
Key Points
- Craig-Hallum analyst Jeff Van Rhee upgraded Backblaze, Inc. to a 'buy' with a $16 price target on June 23, 2026.
- Craig-Hallum's $16 price target implies 19.23% upside from Backblaze, Inc.'s ($BLZE) current $13.42 share price.
- Backblaze shares traded near $11.97 on Friday with a market cap of approximately $805.4 million.
- Insiders including CEO Gleb Budman sold shares in May, while other analysts maintained 'buy' ratings with targets up to $16.
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Craig-Hallum analyst Jeff Van Rhee has upgraded Backblaze, Inc. (NasdaqGM: BLZE) to a 'buy' rating, setting a price target of $16. This change was announced on June 23, 2026. Shares of Backblaze traded near $11.97 on Friday.
Craig-Hallum vs. the S&P 500
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Backblaze, Inc. Stock Down 6.4%
Shares of NasdaqGM:BLZE traded near $11.97 on Friday. Backblaze has a market cap of about $805.4 million. The company's forward P/E ratio is 87.01, and it has a beta of 1.723, indicating higher volatility compared to the market. The stock's 52-week low is $3.26, and its high is $14.62. Backblaze's 50-day moving average is $7.03, and the 200-day average is $6.18. The company carries a debt-to-equity ratio of 73.667 and maintains a current ratio of 1.048.
$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 currently profitable, with a net margin of -14.97% and a return on equity of -27.63%. The next earnings report is expected on August 6, 2026.
Insider Buying and Selling at Backblaze, Inc.
In May 2026, several insiders, including Nelson Barbara, Carter Miller Jocelyn, An Evelyn, and Fry Earl, each bought 19,306 shares. Meanwhile, CEO and Chairperson Gleb Budman sold a total of 31,177 shares on May 20 at an average price of $7.43.
Analysts Set New Price Targets
On June 23, 2026, Craig-Hallum upgraded Backblaze to 'buy' with a $16 price target. Lake Street, B. Riley Securities, Citizens, and Needham all maintained their 'buy' ratings on June 24, with price targets ranging from $14 to $16. The overall analyst consensus is a 'strong buy,' with a mean target price of $13.7.
About Backblaze, Inc.
Backblaze, Inc. is a cloud storage company based in San Francisco, California. Founded in 2007, it provides cloud services for data storage, application development, and security. The company serves a wide range of clients, including individuals, small businesses, and large enterprises across various industries. Backblaze is led by CEO Gleb Budman and employs around 320 people.
Bottom Line
Craig-Hallum's upgrade to a 'buy' rating reflects increased confidence in Backblaze's potential. Investors track these ratings closely as they can impact market perception and stock performance. It's important to remember that analyst ratings are based on past data and expectations, not a guarantee of future performance.
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