Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman Sells 2,863 Shares

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 2,863 shares of Backblaze stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $6.61, for a total value of $18,924.43. Following the completion of the transaction, the chief executive officer now owns 1,867,356 shares of the company’s stock, valued at approximately $12,343,223.16. This trade represents a 0.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Backblaze Stock Down 8.1 %

BLZE opened at $6.01 on Tuesday. The business’s 50-day simple moving average is $6.52 and its 200-day simple moving average is $6.58. 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, Inc. has a one year low of $4.91 and a one year high of $12.65. The stock has a market capitalization of $266.84 million, a P/E ratio of -5.41 and a beta of 0.92.

Institutional Trading of Backblaze

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AWM Investment Company Inc. increased its position in shares of Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock worth $16,755,000 after purchasing an additional 2,682,480 shares in the last quarter. Connective Capital Management LLC acquired a new stake in shares of Backblaze during the fourth quarter worth about $600,000. Virtus Investment Advisers Inc. acquired a new stake in shares of Backblaze during the fourth quarter worth about $101,000. Two Sigma Investments LP increased its position in shares of 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 in the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Backblaze during the fourth quarter worth about $68,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BLZE shares. Lake Street Capital decreased their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Raymond James lifted their price target on Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, B. Riley decreased their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze currently has a consensus rating of “Buy” and a consensus 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.