Marc Suidan Sells 1,974 Shares of Backblaze, Inc. (NASDAQ:BLZE) Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 1,974 shares of Backblaze 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 completion of the sale, the chief financial officer now owns 308,204 shares of the company’s stock, valued at $2,037,228.44. This trade represents a 0.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $6.01 on Tuesday. The firm has a 50 day moving average of $6.52 and a 200-day moving average of $6.58. The stock has a market capitalization of $266.84 million, a PE ratio of -5.41 and a beta of 0.92. 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, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65.

Analysts Set New Price Targets

BLZE has been the subject of several analyst reports. Raymond James lifted 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. B. Riley dropped their target price on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, February 18th. Finally, Lake Street Capital dropped their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze presently has a consensus rating of “Buy” and an average price target of $11.40.

Hedge Funds Weigh In On Backblaze

Institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new position in Backblaze during the 4th quarter worth approximately $38,000. Tower Research Capital LLC TRC increased its position in Backblaze by 300.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock worth $42,000 after purchasing an additional 5,293 shares in the last quarter. ProShare Advisors LLC acquired a new position in Backblaze during the 4th quarter worth approximately $68,000. Quantbot Technologies LP increased its position in 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 purchasing an additional 4,393 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after purchasing an additional 1,992 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.