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

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 1,974 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 transaction of $13,048.14. Following the sale, the chief financial officer now owns 308,204 shares of the company’s stock, valued at $2,037,228.44. This represents a 0.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Backblaze Price Performance

Shares of BLZE opened at $6.11 on Thursday. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $12.65. The firm’s fifty day simple moving average is $6.51 and its 200-day simple moving average is $6.57. The firm 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 current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Institutional Investors Weigh In On Backblaze

A number of hedge funds and other institutional investors have recently modified their holdings of BLZE. AWM Investment Company Inc. raised its stake in Backblaze by 2,664.4% during the 4th quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after acquiring an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC acquired a new stake in Backblaze during the 4th quarter worth $10,836,000. Thompson Siegel & Walmsley LLC acquired a new stake in Backblaze during the 4th quarter worth $2,956,000. P.A.W. Capital Corp acquired a new stake in Backblaze during the 4th quarter worth $1,926,000. Finally, Raymond James Financial Inc. acquired a new stake in Backblaze during the 4th quarter worth $1,618,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BLZE shares. Raymond James raised their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. B. Riley lowered their price objective 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 decreased their price target 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price 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.