Craig-Hallum Upgrades BLZE with New $16 Price Target
Craig-Hallum's Jeff Van Rhee upgrades BLZE to a buy, setting a $16 target, a 33.67% upside from the current price.
Key Points
- Craig-Hallum upgraded BLZE to a buy on June 23, 2026, setting a price target of $16.
- Craig-Hallum's $16 price target implies 33.67% upside from Backblaze, Inc.'s ($BLZE) current $11.97 share price.
- Shares of BLZE traded at $8.12 on Tuesday, with recent insider activity showing mixed buying and selling.
- BlackRock reduced its BLZE holdings by 1.5%, while Vanguard Capital Management opened a new position.
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Craig-Hallum has upgraded its rating on BLZE to a buy, setting a new price target of $16. This change was announced on June 23, 2026, by analyst Jeff Van Rhee. Shares of BLZE traded at $8.12 on Tuesday, reflecting the market's current valuation.
Craig-Hallum vs. the S&P 500
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Other Institutional Activity in BLZE
Among other institutional investors, BlackRock, Inc. trimmed its BLZE holdings by 56,142 shares, now holding 3,683,899 shares valued at about $12.7 million, a 1.5% decrease. Vanguard Capital Management LLC initiated a new position with 2,344,447 shares worth approximately $8.1 million. Pillsbury Lake Capital LLC increased its stake by 232,151 shares, a 13.4% boost, to a total of 1,961,283 shares valued at $6.8 million. Acadian Asset Management LLC also grew its position by 468,803 shares, marking a 40.1% increase, ending with 1,638,568 shares valued at $5.6 million.
Backblaze, Inc. Stock Down 16.5%
As of Tuesday, BLZE was trading at $8.12. The stock has seen various institutional activities, with some funds increasing their holdings while others have reduced theirs. The company's market dynamics are influenced by both insider and institutional investor actions.
$BLZE price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Insider Buying and Selling at Backblaze, Inc.
Recent insider activity at BLZE includes several purchases and sales. On May 26, 2026, insiders Nelson Barbara, Carter Miller Jocelyn, An Evelyn, and Fry Earl each bought 19,306 shares. On May 20, 2026, CEO and Chairperson Gleb Budman sold 18,000 shares at an average price of $7.43, followed by another sale of 13,177 shares on the same day.
Analysts Set New Price Targets
On June 23, 2026, Craig-Hallum upgraded BLZE to a buy, setting a $16 price target. Previously, on May 5, 2026, Lake Street maintained its buy rating with an $11 target, and Citizens reiterated its buy rating with an $8 target. Needham also maintained a buy rating with an $8.5 target on the same date. These ratings reflect a generally positive outlook from analysts.
About BLZE
BLZE operates in the technology sector, focusing on innovative solutions that enhance digital experiences. The company is headquartered in the United States and is led by CEO Gleb Budman. BLZE is known for its commitment to providing cutting-edge technology services that cater to a diverse range of industries.
Bottom Line
Craig-Hallum's upgrade of BLZE to a buy, with a new price target of $16, signals a positive outlook for the company's future. Institutional investors show mixed activity, with some increasing their stakes while others trim positions. This analyst action, along with insider transactions, offers insight into the market's sentiment towards BLZE. As always, these insights are based on past filings and reports and may not reflect current positions.
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