Backblaze, Inc. (NASDAQ:BLZE) VP Tina Cessna Sells 3,778 Shares

Backblaze, Inc. (NASDAQ:BLZE) VP Tina Cessna sold 3,778 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $6.58, for a total transaction of $24,859.24. Following the transaction, the vice president now directly owns 138,062 shares of the company’s stock, valued at approximately $908,447.96. This represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Tina Cessna also recently made the following trade(s):

• On Thursday, February 27th, Tina Cessna sold 584 shares of Backblaze stock. The shares were sold at an average price of $6.61, for a total transaction of $3,860.24.

Backblaze Stock Performance

NASDAQ:BLZE traded down $0.53 during mid-day trading on Monday, hitting $6.01. The stock had a trading volume of 685,670 shares, compared to its average volume of 351,600. The stock has a market capitalization of $266.84 million, a price-to-earnings ratio of -5.41 and a beta of 0.92. The company has a 50 day simple moving average of $6.52 and a 200-day simple moving average of $6.58. Backblaze, Inc. has a 52 week low of $4.91 and a 52 week 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.

Institutional Trading of Backblaze

Several hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in Backblaze by 15.6% in the 4th 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 last quarter. Bank of New York Mellon Corp raised its position in shares of Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock worth $508,000 after buying an additional 2,105 shares in the last quarter. Verition Fund Management LLC raised its position in shares of Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after buying an additional 2,106 shares in the last quarter. EntryPoint Capital LLC raised its position in shares of Backblaze by 20.8% during the 4th quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after buying an additional 4,054 shares in the last quarter. Finally, Quantbot Technologies LP raised its position in shares of Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after buying an additional 4,393 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Lake Street Capital decreased their price target on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. B. Riley decreased their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Finally, Raymond James lifted their price target on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $11.40.

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.