William Blair analyst Jason Ader has maintained their bullish stance on BLZE stock, giving a Buy rating on May 6.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Jason Ader has given his Buy rating due to a combination of factors that highlight Backblaze’s strong performance and potential for growth. The company reported impressive first-quarter results, surpassing expectations with a notable increase in both revenue and adjusted EBITDA. This performance was driven by significant growth in their B2 Cloud services and improvements in their go-to-market strategies, which have shown promising results.
Furthermore, Backblaze’s guidance for the second quarter and the full year reflects a careful yet optimistic outlook. The company anticipates continued growth in its B2 Cloud segment and aims to achieve positive free cash flow by the fourth quarter. Despite some challenges, such as elongated decision-making processes with certain customers, management’s confidence is bolstered by a substantial increase in direct sales bookings. Additionally, potential impacts from tariffs are expected to be minimal, further supporting the positive outlook for Backblaze’s financial performance.
In another report released on May 6, Lake Street also maintained a Buy rating on the stock with a $11.00 price target.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BLZE in relation to earlier this year.