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Investing.com - Citizens JMP raised its price target on Backblaze Inc (NASDAQ:BLZE) to $8.00 from $7.00 on Friday, while maintaining a Market Outperform rating following the cloud storage company’s second-quarter results. According to InvestingPro data, analyst targets for the stock range from $7.00 to $15.90, suggesting potential upside from current levels, though technical indicators suggest the stock is currently overbought.
Backblaze reported revenues of $36.3 million for the second quarter of 2025, exceeding consensus estimates of $35.4 million and representing a 16% year-over-year increase. The company’s B2 Cloud Storage revenue reached $19.8 million, surpassing the consensus of $19.1 million, while Computer Backup revenue totaled $16.5 million, above the expected $16.3 million. The company maintains a healthy gross profit margin of 55.4% and has demonstrated strong revenue growth with a 5-year CAGR of 26%.
The company posted adjusted EBITDA of $6.6 million, significantly higher than the consensus estimate of $5.4 million. Backblaze also reported non-GAAP earnings per share of $0.01, compared to analyst expectations of a $0.05 loss per share.
CEO Gleb Budman highlighted the company’s growing success with large clients, noting that "each of the last four quarters, we’ve announced a seven-figure sized deal... before that, we only had one seven-figure deal in the prior 15+ years."
Backblaze stock has gained approximately 5.2% year-to-date, underperforming the Russell 3000 index, which has risen about 7.2% during the same period. Recent momentum has been strong, with the stock posting a 36.6% return over the past week. Get deeper insights into BLZE’s valuation and growth prospects with a comprehensive InvestingPro subscription, which includes exclusive analysis and real-time alerts.
In other recent news, Backblaze Inc. reported its Q2 2025 earnings, delivering a notable surprise with an earnings per share (EPS) of $0.01, surpassing the forecasted -$0.05. The company’s revenue also exceeded expectations, reaching $36.3 million compared to the anticipated $35.39 million, marking a 16% increase from the previous year. These results have been seen as a positive development for the company, influencing investor sentiment. The earnings surprise and revenue growth have been key highlights for Backblaze in this period. Additionally, analysts have noted the company’s performance as a significant factor in recent market discussions. The earnings report has been a focal point for investors evaluating the company’s progress and potential. The positive earnings and revenue figures are crucial for stakeholders assessing Backblaze’s financial health. These developments have positioned Backblaze in a favorable light among investors and market analysts.
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