Needham Reiterates Buy Rating on Backblaze, Inc. with $14 Target
Needham keeps its buy rating on Backblaze, Inc. (BLZE), setting a $14 price target, a 4.32% upside from the current price.
Key Points
- Needham reiterated its buy rating on Backblaze, Inc. (BLZE) with a $14 price target on June 24, 2026.
- Needham's $14 price target implies 4.32% upside from Backblaze, Inc.'s ($BLZE) current $13.42 share price.
- Backblaze, Inc. shares traded at $11.97 on Friday, with a market cap of $805.4 million and a forward P/E ratio of 87.0.
- Institutional activity includes BlackRock reducing its stake by 56,142 shares, while Vanguard opened a new position in Backblaze.
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On June 24, 2026, Needham reiterated its buy rating on Backblaze, Inc. (NasdaqGM: BLZE), setting a price target of $14. Analyst Mike Cikos emphasized the firm's positive outlook on the cloud storage company. Shares of Backblaze traded at $11.97 on Friday.
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Other Institutional Activity in Backblaze, Inc.
BlackRock, Inc. trimmed its position in Backblaze by 56,142 shares, leaving it with 3,683,899 shares valued at approximately $12.7 million, a 1.5% decrease. Vanguard Capital Management LLC opened a new position, acquiring 2,344,447 shares worth about $8.1 million. Pillsbury Lake Capital LLC increased its stake by 232,151 shares to a total of 1,961,283 shares, valued at roughly $6.8 million, marking a 13.4% increase. Acadian Asset Management LLC added 468,803 shares, bringing its total to 1,638,568 shares, valued at $5.6 million, a significant 40.1% increase.
Backblaze, Inc. Stock Down 6.4%
Shares of Backblaze, Inc. traded near $11.97 on Friday. The company has a market capitalization of approximately $805.4 million and a forward P/E ratio of 87.0, reflecting investor expectations of future growth. The stock's beta is 1.723, indicating higher volatility compared to the market. Over the past year, the stock has ranged from a low of $3.26 to a high of $14.63. Its 50-day moving average is $7.03, while the 200-day moving average is $6.18. Backblaze maintains a current ratio of 1.048 and a quick ratio of 0.897, with a debt-to-equity ratio of 73.667.
$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, showing growth 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 expected on August 6, 2026.
Insider Buying and Selling at Backblaze, Inc.
On May 26, 2026, insiders Nelson Barbara, Carter Miller Jocelyn, An Evelyn, and Fry Earl each acquired 19,306 shares. On May 20, 2026, CEO 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, also at $7.43.
Analysts Set New Price Targets
On June 24, 2026, multiple firms maintained their buy ratings for Backblaze. Lake Street and Citizens both set a $14 target, while B. Riley Securities set a $16 target. Craig-Hallum upgraded the stock to a buy with a $16 target on June 23, 2026. The consensus among analysts is a strong buy, with an average target price of $13.70 based on seven opinions.
About Backblaze, Inc.
Backblaze, Inc., based in San Francisco, California, provides cloud storage services to businesses and consumers. The company offers cloud services through a scalable software infrastructure and is known for B2 Cloud Storage, which supports data storage, application development, and more. Founded in 2007, Backblaze serves a wide range of clients, including media companies, academic institutions, and government agencies, with a focus on data protection and storage solutions.
Bottom Line
Needham's reaffirmation of a buy rating with a $14 target reflects confidence in Backblaze's growth potential. The company's cloud storage solutions appeal to a broad market, but it remains unprofitable as it invests in expansion. Investors should note that 13F filings are historical and may not represent current holdings.
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