Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) VP Sells 3,778 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) VP Tina Cessna sold 3,778 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $6.58, for a total transaction of $24,859.24. Following the transaction, the vice president now directly owns 138,062 shares in the company, valued at approximately $908,447.96. This represents a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Tina Cessna also recently made the following trade(s):

• On Thursday, February 27th, Tina Cessna sold 584 shares of Backblaze stock. The shares were sold at an average price of $6.61, for a total transaction of $3,860.24.

Backblaze Stock Down 8.1 %

Backblaze stock traded down $0.53 during midday trading on Monday, hitting $6.01. 685,670 shares of the stock were exchanged, compared to its average volume of 351,600. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $12.65. The firm has a market cap of $266.84 million, a P/E ratio of -5.41 and a beta of 0.92. 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 company has a 50 day moving average price of $6.52 and a two-hundred day moving average price of $6.58.

Institutional Investors Weigh In On Backblaze

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLZE. AWM Investment Company Inc. increased 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 buying an additional 2,682,480 shares during the period. AIGH Capital Management LLC purchased a new stake in Backblaze during the 4th quarter worth $10,836,000. Thompson Siegel & Walmsley LLC purchased a new stake in Backblaze during the 4th quarter worth $2,956,000. P.A.W. Capital Corp purchased a new stake in Backblaze during the 4th quarter worth $1,926,000. Finally, Raymond James Financial Inc. purchased a new stake in Backblaze during the 4th quarter worth $1,618,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BLZE. Lake Street Capital cut their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. B. Riley cut their target price on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Finally, Raymond James raised their target price 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. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target 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.