Backblaze (NASDAQ:BLZE) CFO Marc Suidan Sells 2,110 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 2,110 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the completion of the transaction, the chief financial officer owned 349,518 shares in the company, valued at approximately $5,529,374.76. This trade represents a 0.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Backblaze Price Performance

Shares of NASDAQ BLZE opened at $15.55 on Tuesday. Backblaze, Inc. has a fifty-two week low of $3.26 and a fifty-two week high of $23.99. The business has a 50 day moving average price of $14.91 and a two-hundred day moving average price of $8.56. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. The firm has a market cap of $962.54 million, a PE ratio of -45.73 and a beta of 1.56.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.06. The company had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. Sell-side analysts expect that Backblaze, Inc. will post -0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BLZE. California State Teachers Retirement System boosted its holdings in shares of Backblaze by 319.2% in the 2nd quarter. California State Teachers Retirement System now owns 12,514 shares of the company’s stock valued at $198,000 after buying an additional 9,529 shares during the period. AXQ Capital LP acquired a new stake in Backblaze during the second quarter worth about $314,000. AWM Investment Company Inc. bought a new position in Backblaze in the second quarter worth about $22,207,000. Globeflex Capital L P bought a new position in Backblaze in the second quarter worth about $323,000. Finally, Bank of New York Mellon Corp acquired a new position in Backblaze in the second quarter valued at approximately $3,074,000. 54.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BLZE has been the topic of a number of research analyst reports. Needham & Company LLC increased their price objective on shares of Backblaze from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. B. Riley Financial boosted their target price on shares of Backblaze from $16.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. William Blair upgraded shares of Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. Lake Street Capital reaffirmed a “buy” rating and set a $21.00 price target on shares of Backblaze in a research report on Tuesday, August 4th. Finally, Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and lifted their price target for the stock from $6.50 to $16.00 in a research note on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Backblaze presently has an average rating of “Moderate Buy” and a consensus price target of $19.71.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.