Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) VP Sells 8,874 Shares of Stock

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

Backblaze Trading Up 0.6 %

BLZE opened at $6.49 on Friday. The firm has a 50 day simple moving average of $6.78 and a 200 day simple moving average of $6.43. Backblaze, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The company has a market cap of $288.16 million, a price-to-earnings ratio of -5.85 and a beta of 0.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Backblaze (NASDAQ:BLZE) last issued its earnings results on Thursday, November 7th. The company reported ($0.29) EPS 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 business had revenue of $32.59 million for the quarter, compared to the consensus estimate of $32.54 million. During the same quarter in the previous year, the firm posted ($0.43) EPS. On average, sell-side analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Backblaze

Several hedge funds have recently added to or reduced their stakes in BLZE. First Eagle Investment Management LLC increased its stake in shares of Backblaze by 50.6% in 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 acquiring an additional 367,500 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Backblaze during the third quarter valued at approximately $944,000. 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 valued at $3,874,000 after purchasing an additional 138,917 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Backblaze in the second quarter worth $701,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Backblaze by 45.5% during 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 in the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on BLZE. Craig Hallum increased their price target on shares of Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Oppenheimer decreased their price objective on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Finally, Raymond James boosted their target price on Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th.

Backblaze Company Profile

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.