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

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 10,321 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was 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 of the company’s stock, valued at approximately $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 can be accessed through this hyperlink.

Backblaze Trading Up 0.6 %

Shares of BLZE opened at $6.49 on Friday. 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 firm has a 50-day moving average price of $6.78 and a 200 day moving average price of $6.43. 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 analysts’ consensus estimates of ($0.11) by ($0.18). The business had revenue of $32.59 million for the quarter, compared to analysts’ expectations of $32.54 million. Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. During the same quarter in the prior year, the company posted ($0.43) earnings per share. Sell-side analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current year.

Institutional Trading of Backblaze

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLZE. Bank of New York Mellon Corp acquired a new position in Backblaze in the 2nd quarter valued at about $701,000. The Manufacturers Life Insurance Company purchased a new position in shares of Backblaze in the second quarter valued at approximately $102,000. Los Angeles Capital Management LLC acquired a new position in shares of Backblaze in the third quarter valued at approximately $944,000. Lazard Asset Management LLC increased its stake in Backblaze by 165.7% during the 1st 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 period. Finally, First Eagle Investment Management LLC lifted 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 worth $6,742,000 after buying an additional 367,500 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analyst Ratings Changes

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

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.