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 stock was sold at an average price of $6.42, for a total value of $66,260.82. Following the completion of the transaction, the chief executive officer now directly owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. This represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Backblaze Stock Up 0.6 %

Shares of NASDAQ BLZE opened at $6.49 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a market cap of $288.16 million, a PE ratio of -5.85 and a beta of 0.99. The company’s fifty 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.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BLZE. Raymond James boosted their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Craig Hallum upped their price target on shares of Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Oppenheimer lowered their price objective on Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, August 9th.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently modified their holdings of BLZE. Verition Fund Management LLC grew its position in Backblaze by 15.4% in the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock valued at $101,000 after purchasing an additional 2,106 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Backblaze during the second quarter worth about $102,000. Lazard Asset Management LLC raised its holdings in shares of Backblaze by 165.7% in the 1st 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. SG Americas Securities LLC lifted its position in Backblaze by 84.1% in the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after acquiring an additional 9,720 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Backblaze by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock worth $155,000 after purchasing an additional 13,678 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.