Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman Sells 10,321 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 10,321 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were 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 $11,971,027.32. This trade represents a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Backblaze Trading Up 0.6 %

BLZE opened at $6.49 on Friday. The firm has a market cap of $288.16 million, a price-to-earnings ratio of -5.85 and a beta of 0.99. The stock has a fifty day moving average price of $6.78 and a 200-day moving average price of $6.43. Backblaze, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data 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 business 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 company posted ($0.43) EPS. As a group, equities research analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Backblaze

Several hedge funds and other institutional investors have recently modified their holdings of BLZE. Lazard Asset Management LLC raised 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 buying an additional 11,289 shares during the last quarter. SG Americas Securities LLC lifted its position in Backblaze by 84.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock worth $131,000 after acquiring an additional 9,720 shares during the period. Bank of New York Mellon Corp purchased a new stake in Backblaze during the 2nd quarter valued at about $701,000. Rhumbline Advisers increased its holdings in shares of Backblaze by 3,750.3% in the second quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock valued at $292,000 after purchasing an additional 46,241 shares during the period. Finally, ClariVest Asset Management LLC increased its holdings in shares of Backblaze by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock valued at $465,000 after purchasing an additional 2,154 shares during the period. 54.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BLZE has been the subject of several research reports. Oppenheimer lowered their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Raymond James upped their price objective 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, 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 report on Monday, October 21st.

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.