Backblaze, Inc. (NASDAQ:BLZE) VP Sells $56,971.08 in Stock

Backblaze, Inc. (NASDAQ:BLZE) VP Tina Cessna sold 8,874 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the transaction, the vice president now directly owns 144,566 shares of the company’s stock, valued at approximately $928,113.72. This trade represents a 5.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Backblaze Trading Up 0.6 %

NASDAQ:BLZE traded up $0.04 during midday trading on Friday, hitting $6.49. 197,896 shares of the company traded hands, compared to its average volume of 364,913. The firm’s fifty day moving average is $6.77 and its 200-day moving average is $6.44. 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 P/E ratio of -5.85 and a beta of 0.99. 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 released its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share 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 company had revenue of $32.59 million for the quarter, compared to analysts’ expectations of $32.54 million. During the same quarter in the previous year, the company posted ($0.43) EPS. On average, sell-side analysts predict that Backblaze, Inc. will post -1.02 EPS for the current year.

Institutional Trading of Backblaze

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. First Eagle Investment Management LLC raised its holdings in Backblaze by 50.6% during 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 buying an additional 367,500 shares during the period. Geode Capital Management LLC raised its holdings in Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock valued at $5,525,000 after buying an additional 21,593 shares during the period. State Street Corp increased its stake in Backblaze by 29.7% in the third quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after purchasing an additional 138,917 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Backblaze by 45.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock worth $2,172,000 after purchasing an additional 106,285 shares during the period. Finally, Scalar Gauge Management LLC increased its stake in Backblaze by 19.9% in the third quarter. Scalar Gauge Management LLC now owns 300,887 shares of the company’s stock worth $1,923,000 after purchasing an additional 50,000 shares during the period. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analyst Ratings Changes

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

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.