Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CEO Sells $18,924.43 in Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 2,863 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,867,356 shares of the company’s stock, valued at approximately $12,343,223.16. The trade was a 0.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Backblaze Price Performance

Shares of BLZE stock opened at $6.11 on Thursday. The stock has a 50 day moving average of $6.51 and a two-hundred day moving average of $6.57. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65. The company has a market capitalization of $271.28 million, a P/E ratio of -5.50 and a beta of 0.92.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. B. Riley decreased their target price on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Raymond James increased their target price on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, 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 research note on Wednesday, February 26th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $11.40.

Institutional Trading of Backblaze

A number of hedge funds have recently modified their holdings of the company. AWM Investment Company Inc. lifted its position in shares of Backblaze by 2,664.4% in 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 during the period. AIGH Capital Management LLC bought a new stake in shares of Backblaze in the 4th quarter worth approximately $10,836,000. First Eagle Investment Management LLC lifted its position in shares of Backblaze by 4.5% in the 4th quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock worth $6,986,000 after acquiring an additional 49,800 shares during the period. Geode Capital Management LLC lifted its position in shares of Backblaze by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock worth $5,273,000 after acquiring an additional 11,267 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Backblaze by 21.2% during the 4th quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock worth $3,749,000 after buying an additional 108,884 shares during the period. 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.