Backblaze (NASDAQ:BLZE) CEO Gleb Budman Sells 12,855 Shares

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 12,855 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $15.82, for a total value of $203,366.10. Following the completion of the sale, the chief executive officer owned 2,192,103 shares of the company’s stock, valued at approximately $34,679,069.46. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. The business has a fifty day moving average price of $14.91 and a two-hundred day moving average price of $8.56. The stock has a market capitalization of $962.54 million, a PE ratio of -45.73 and a beta of 1.56. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.00 and a quick ratio of 1.00. Backblaze, Inc. has a fifty-two week low of $3.26 and a fifty-two week high of $23.99.

Backblaze (NASDAQ:BLZE) last released its earnings results 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 analyst estimates of $39.94 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. As a group, equities analysts predict that Backblaze, Inc. will post -0.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on BLZE shares. Citizens Jmp upped their price target on shares of Backblaze from $16.00 to $21.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 4th. Needham & Company LLC upped their target price on Backblaze from $14.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Citigroup reaffirmed a “market outperform” rating on shares of Backblaze in a report on Thursday, July 23rd. Oppenheimer lifted their price target on Backblaze from $15.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Finally, William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a research report on Tuesday, June 23rd. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Backblaze currently has a consensus rating of “Moderate Buy” and an average price target of $19.71.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BLZE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Backblaze by 8.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,323 shares of the company’s stock valued at $161,000 after acquiring an additional 2,229 shares during the last quarter. Invesco Ltd. grew its position in Backblaze by 8.3% during the 4th quarter. Invesco Ltd. now owns 44,103 shares of the company’s stock worth $206,000 after acquiring an additional 3,363 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Backblaze by 12.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,219 shares of the company’s stock worth $151,000 after acquiring an additional 3,523 shares during the last quarter. Cerity Partners LLC increased its holdings in Backblaze by 3.6% in the 2nd quarter. Cerity Partners LLC now owns 109,001 shares of the company’s stock worth $600,000 after purchasing an additional 3,763 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Backblaze by 31.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,292 shares of the company’s stock worth $106,000 after purchasing an additional 4,650 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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.