Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) VP Sells $56,971.08 in Stock

Backblaze, Inc. (NASDAQ:BLZE) VP Tina Cessna sold 8,874 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $56,971.08. Following the completion of the transaction, the vice president now owns 144,566 shares in the company, valued at approximately $928,113.72. The trade was a 5.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Backblaze Stock Up 0.6 %

BLZE opened at $6.49 on Monday. The stock has a market capitalization of $288.16 million, a price-to-earnings ratio of -5.85 and a beta of 0.99. The firm has a 50 day moving average price of $6.78 and a 200-day moving average price of $6.42. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $12.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Backblaze (NASDAQ:BLZE) last announced its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). The company had revenue of $32.59 million for the quarter, compared to analysts’ expectations of $32.54 million. Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. Equities research analysts forecast that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Barclays PLC lifted its stake in shares of Backblaze by 124.4% in the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock worth $500,000 after purchasing an additional 43,354 shares during the period. Geode Capital Management LLC raised its position in Backblaze by 2.6% in the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after acquiring an additional 21,593 shares during the period. XTX Topco Ltd raised its position in Backblaze by 108.1% in the third quarter. XTX Topco Ltd now owns 72,520 shares of the company’s stock worth $463,000 after acquiring an additional 37,669 shares during the period. Jane Street Group LLC bought a new stake in shares of Backblaze during the 3rd quarter valued at $159,000. Finally, State Street Corp grew its position in shares of Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after acquiring an additional 138,917 shares during the period. Institutional investors own 54.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BLZE shares. Oppenheimer dropped their target price on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Craig Hallum increased their target price on Backblaze from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Raymond James lifted their target price on Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, November 8th.

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.