Backblaze, Inc. (NASDAQ:BLZE) VP Tina Cessna Sells 8,874 Shares

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

Backblaze Stock Performance

Shares of BLZE stock opened at $6.49 on Friday. The business has a fifty day moving average of $6.78 and a 200 day moving average of $6.42. Backblaze, Inc. has a 1 year low of $4.91 and a 1 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 $288.16 million, a price-to-earnings ratio of -5.85 and a beta of 0.99.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.18). The firm had revenue of $32.59 million during the quarter, compared to analysts’ expectations of $32.54 million. Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. During the same quarter in the previous year, the business earned ($0.43) earnings per share. As a group, research analysts expect that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on BLZE shares. Oppenheimer dropped their target price on Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Raymond James upped their price objective 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, Craig Hallum lifted their target price on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, October 21st.

Institutional Trading of Backblaze

Several large investors have recently made changes to their positions in the business. First Eagle Investment Management LLC raised its holdings in shares of Backblaze by 50.6% during the second quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after purchasing an additional 367,500 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Backblaze during the 3rd quarter worth about $944,000. State Street Corp raised its stake 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 buying an additional 138,917 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Backblaze in the 2nd quarter valued at about $701,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Backblaze by 45.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock worth $2,172,000 after buying an additional 106,285 shares during the last quarter. 54.03% of the stock is owned by hedge funds and other institutional investors.

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.