Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CEO Sells 2,863 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 2,863 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $6.61, for a total value of $18,924.43. Following the transaction, the chief executive officer now owns 1,867,356 shares of the company’s stock, valued at $12,343,223.16. This trade represents a 0.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Backblaze Trading Down 1.3 %

BLZE stock opened at $6.11 on Thursday. The business has a fifty day moving average price of $6.51 and a 200 day moving average price of $6.57. Backblaze, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The stock has a market capitalization of $271.28 million, a price-to-earnings ratio of -5.50 and a beta of 0.92. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently made changes to their positions in BLZE. R Squared Ltd acquired a new stake in shares of Backblaze in the 4th quarter valued at $38,000. Tower Research Capital LLC TRC increased its stake in shares of Backblaze by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,052 shares of the company’s stock valued at $42,000 after buying an additional 5,293 shares during the period. ProShare Advisors LLC acquired a new stake in shares of Backblaze in the 4th quarter valued at $68,000. Quantbot Technologies LP increased its stake in shares of Backblaze by 60.6% in the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock valued at $70,000 after buying an additional 4,393 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of 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 buying an additional 1,992 shares during the period. 54.03% of the stock is 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.