Backblaze, Inc. (NASDAQ:BLZE) CFO Sells $13,048.14 in Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 1,974 shares of Backblaze stock in a transaction dated Thursday, February 27th. The shares were 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 directly owns 308,204 shares in the company, valued at approximately $2,037,228.44. The trade was a 0.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Backblaze Stock Performance

NASDAQ:BLZE opened at $6.11 on Thursday. The firm has a 50 day simple moving average of $6.51 and a 200-day simple moving average of $6.57. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market cap of $271.28 million, a PE ratio of -5.50 and a beta of 0.92. Backblaze, Inc. has a 1-year low of $4.91 and a 1-year high of $12.65.

Hedge Funds Weigh In On Backblaze

A number of institutional investors have recently modified their holdings of the company. AWM Investment Company Inc. raised its position in shares of Backblaze by 2,664.4% in the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after buying an additional 2,682,480 shares during the last quarter. Connective Capital Management LLC acquired a new position in Backblaze during the fourth quarter worth approximately $600,000. Virtus Investment Advisers Inc. acquired a new position in Backblaze during the fourth quarter worth approximately $101,000. Two Sigma Investments LP increased its position in Backblaze by 11.0% during the fourth quarter. Two Sigma Investments LP now owns 272,838 shares of the company’s stock worth $1,642,000 after purchasing an additional 27,139 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in Backblaze during the fourth quarter worth approximately $68,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analysts Set New Price Targets

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

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.