Backblaze, Inc. (NASDAQ:BLZE) CEO Sells $18,924.43 in Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 2,863 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $6.61, for a total value of $18,924.43. Following the completion of the transaction, the chief executive officer now owns 1,867,356 shares in the company, valued at $12,343,223.16. This trade represents a 0.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Backblaze Stock Performance

NASDAQ BLZE opened at $6.01 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average is $6.52 and its two-hundred day moving average is $6.58. Backblaze, Inc. has a 12-month low of $4.91 and a 12-month high of $12.65. The stock has a market capitalization of $266.84 million, a price-to-earnings ratio of -5.41 and a beta of 0.92.

Institutional Investors Weigh In On Backblaze

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock worth $801,000 after acquiring an additional 88,652 shares in the last quarter. State Street Corp boosted its stake in shares of Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after acquiring an additional 138,917 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after acquiring an additional 21,593 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Backblaze during the 3rd quarter worth approximately $944,000. Finally, Barclays PLC lifted its stake in Backblaze by 124.4% in the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock valued at $500,000 after buying an additional 43,354 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BLZE. Raymond James boosted their price target on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Lake Street Capital dropped their price target on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, B. Riley dropped their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, February 18th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $11.40.

Backblaze Company Profile

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.