Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CFO Sells 1,974 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 1,974 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $6.61, for a total transaction of $13,048.14. Following the transaction, the chief financial officer now directly owns 308,204 shares of the company’s stock, valued at approximately $2,037,228.44. This trade represents a 0.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Backblaze Stock Down 8.1 %

Shares of NASDAQ BLZE traded down $0.53 during midday trading on Monday, hitting $6.01. The company’s stock had a trading volume of 685,670 shares, compared to its average volume of 351,600. The business’s fifty day simple moving average is $6.52 and its two-hundred day simple moving average is $6.58. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $12.65. The firm has a market capitalization of $266.84 million, a price-to-earnings ratio of -5.41 and a beta of 0.92.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BLZE shares. Lake Street Capital lowered their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Raymond James increased their target price on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, B. Riley lowered their target price on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Backblaze currently has an average rating of “Buy” and a consensus price target of $11.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Backblaze by 15.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock valued at $89,000 after purchasing an additional 1,992 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Backblaze by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock valued at $508,000 after purchasing an additional 2,105 shares during the period. Verition Fund Management LLC boosted its stake in shares of Backblaze by 15.4% in the third 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. EntryPoint Capital LLC boosted its stake in shares of Backblaze by 20.8% in the fourth quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock valued at $142,000 after purchasing an additional 4,054 shares during the period. Finally, Quantbot Technologies LP boosted its stake in shares of Backblaze by 60.6% in the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after purchasing an additional 4,393 shares during the period. Hedge funds and other institutional investors own 54.03% of the company’s stock.

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.