Needham Reiterates Buy Rating on BLZE, Sets $14 Target
Needham maintains its positive outlook on BLZE, affirming a buy rating with a $14 price target, a 16.96% upside from the current price.
Key Points
- Needham reiterated its buy rating on BLZE, setting a price target of $14 as of June 24, 2026.
- Needham's $14 price target implies 16.96% upside from Backblaze, Inc.'s ($BLZE) current $11.97 share price.
- Shares of BLZE traded at $11.66 on Wednesday, reflecting ongoing interest in the stock.
- Institutional investors like BlackRock and Vanguard have shown varied interest in BLZE, with positions adjusted recently.
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On June 24, 2026, Needham reiterated its buy rating for BLZE, setting a price target of $14. Analyst Mike Cikos maintains a positive outlook on the stock, which traded at $11.66 on Wednesday.
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Other Institutional Activity in BLZE
Institutional investors have been adjusting their positions in BLZE. BlackRock, Inc. reduced its holdings slightly by 56,142 shares, leaving it with 3,683,899 shares valued at about $12.7 million. Vanguard Capital Management LLC opened a new position with 2,344,447 shares worth approximately $8.1 million. Pillsbury Lake Capital LLC increased its stake by 232,151 shares, now holding 1,961,283 shares valued at $6.8 million. Meanwhile, Acadian Asset Management LLC significantly boosted its position by 468,803 shares, totaling 1,638,568 shares worth $5.6 million. In contrast, AWM Investment Company, Inc. reduced its stake by 1,667,403 shares, holding 1,400,166 shares valued at $4.8 million.
Backblaze, Inc. Stock Down 16.5%
BLZE shares traded around $11.66 on Wednesday. Though detailed fundamentals are not available, the stock's recent trading activity and institutional interest suggest it remains a focus for investors. The company continues to draw attention from both analysts and institutional players.
$BLZE price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Insider Buying and Selling at Backblaze, Inc.
Several insiders have been active in trading BLZE shares recently. On May 26, 2026, insiders including Nelson Barbara, Carter Miller Jocelyn, An Evelyn, and Fry Earl each purchased 19,306 shares. These transactions were not part of a pre-planned trading program. On May 20, 2026, Gleb Budman, CEO and Chairperson, sold 18,000 and 13,177 shares at an average price of $7.43.
Analysts Set New Price Targets
On June 24, 2026, Needham maintained its buy rating for BLZE with a $14 price target. A day earlier, Craig-Hallum upgraded its rating to buy, setting a target of $16. Lake Street maintained its buy rating with an $11 target on May 5, 2026. The consensus among analysts remains positive, with a buy recommendation and a mean target price reflecting optimism about the stock's potential.
Bottom Line
Needham's reiterated buy rating and $14 price target for BLZE highlight continued confidence in the stock's prospects. The activity from institutional investors and insiders suggests varied interest and strategic adjustments. As always, it's important to remember that analyst ratings and institutional filings reflect past positions and opinions, not current or future performance.
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