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

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

Backblaze Stock Performance

NASDAQ BLZE opened at $6.49 on Friday. 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. The stock has a market cap of $288.16 million, a P/E ratio of -5.85 and a beta of 0.99. The company’s 50-day simple moving average is $6.78 and its 200 day simple moving average is $6.43.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Lazard Asset Management LLC boosted its stake in shares of Backblaze by 165.7% in the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock valued at $185,000 after purchasing an additional 11,289 shares in the last quarter. SG Americas Securities LLC boosted its position in Backblaze by 84.1% in the second quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after buying an additional 9,720 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Backblaze during the second quarter worth about $701,000. Rhumbline Advisers increased its holdings in shares of Backblaze by 3,750.3% during the second quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock worth $292,000 after buying an additional 46,241 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its stake in shares of Backblaze by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock valued at $465,000 after acquiring an additional 2,154 shares during 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.