Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CEO Sells $66,260.82 in Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the transaction, the chief executive officer now directly owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. The trade was a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $6.49 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The business’s 50 day simple moving average is $6.78 and its 200-day simple moving average is $6.42. Backblaze, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65. The firm has a market capitalization of $288.16 million, a price-to-earnings ratio of -5.85 and a beta of 0.99.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. The company had revenue of $32.59 million for the quarter, compared to analysts’ expectations of $32.54 million. During the same quarter in the prior year, the business posted ($0.43) EPS. As a group, equities analysts forecast that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BLZE has been the subject of a number of recent research reports. Raymond James boosted their target price on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Craig Hallum raised their target price on shares of Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Oppenheimer reduced their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th.

Hedge Funds Weigh In On Backblaze

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLZE. Bank of New York Mellon Corp acquired a new position in shares of Backblaze in the second quarter valued at approximately $701,000. The Manufacturers Life Insurance Company bought a new stake in shares of Backblaze during the 2nd quarter worth approximately $102,000. Los Angeles Capital Management LLC acquired a new stake in shares of Backblaze during the 3rd quarter worth approximately $944,000. Lazard Asset Management LLC lifted its holdings in shares of Backblaze by 165.7% in the first quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock worth $185,000 after acquiring an additional 11,289 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Backblaze by 50.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock valued at $6,742,000 after purchasing an additional 367,500 shares in the last quarter. Institutional investors own 54.03% of the company’s stock.

About Backblaze

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.