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 that occurred on Thursday, February 27th. The shares were sold at an average price of $6.61, for a total transaction 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 $12,343,223.16. This represents a 0.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Backblaze Price Performance

NASDAQ:BLZE traded down $0.53 during trading hours on Monday, hitting $6.01. The stock had a trading volume of 685,670 shares, compared to its average volume of 351,600. 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 current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $266.84 million, a price-to-earnings ratio of -5.41 and a beta of 0.92. The company has a 50 day simple moving average of $6.52 and a two-hundred day simple moving average of $6.58.

Institutional Trading of Backblaze

A number of hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Backblaze by 15.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,780 shares of the company’s stock worth $89,000 after acquiring an additional 1,992 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock worth $508,000 after acquiring an additional 2,105 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Backblaze by 15.4% during the 3rd quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after acquiring an additional 2,106 shares during the last quarter. EntryPoint Capital LLC lifted its holdings in shares of Backblaze by 20.8% during the 4th quarter. EntryPoint Capital LLC now owns 23,558 shares of the company’s stock worth $142,000 after acquiring an additional 4,054 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of Backblaze by 60.6% during the 4th quarter. Quantbot Technologies LP now owns 11,648 shares of the company’s stock worth $70,000 after acquiring an additional 4,393 shares during the last quarter. 54.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Lake Street Capital cut their price target on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Raymond James raised their price target on shares of Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, B. Riley cut their price target on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze 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.