Gleb Budman Sells 10,321 Shares of Backblaze, Inc. (NASDAQ:BLZE) Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the completion of the sale, the chief executive officer now directly owns 1,864,646 shares of the company’s stock, valued at approximately $11,971,027.32. The trade was a 0.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Backblaze Stock Performance

Shares of NASDAQ:BLZE traded up $0.04 on Friday, hitting $6.49. 197,896 shares of the company were exchanged, compared to its average volume of 364,913. The company’s 50 day moving average price is $6.77 and its two-hundred day moving average price is $6.44. Backblaze, Inc. has a one year low of $4.91 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Backblaze (NASDAQ:BLZE) last posted its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). The business had revenue of $32.59 million during the quarter, compared to the consensus estimate of $32.54 million. Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. During the same period in the previous year, the firm earned ($0.43) EPS. As a group, sell-side analysts forecast that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

BLZE has been the subject of several analyst reports. Raymond James lifted their price objective on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Oppenheimer cut their target price on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, Craig Hallum boosted their price objective on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, October 21st.

Institutional Trading of Backblaze

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Verition Fund Management LLC increased its stake in Backblaze by 15.4% in the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock valued at $101,000 after acquiring an additional 2,106 shares during the period. The Manufacturers Life Insurance Company acquired a new position in Backblaze in the second quarter valued at about $102,000. SG Americas Securities LLC boosted its position in Backblaze by 84.1% in the second quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after buying an additional 9,720 shares in the last quarter. MetLife Investment Management LLC boosted its position in Backblaze by 129.1% in the third quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock valued at $155,000 after buying an additional 13,678 shares in the last quarter. Finally, Tempus Wealth Planning LLC acquired a new position in Backblaze in the third quarter valued at about $157,000. Institutional investors own 54.03% of the company’s stock.

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.