Gleb Budman Sells 2,863 Shares of Backblaze, Inc. (NASDAQ:BLZE) Stock

Backblaze, Inc. (NASDAQ:BLZE) CEO Gleb Budman sold 2,863 shares of the firm’s stock in a transaction dated 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 directly owns 1,867,356 shares in the company, valued at approximately $12,343,223.16. The trade was a 0.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Backblaze Stock Down 8.1 %

NASDAQ:BLZE traded down $0.53 on Monday, hitting $6.01. The stock had a trading volume of 685,670 shares, compared to its average volume of 351,600. The firm’s fifty day simple moving average is $6.52 and its two-hundred day simple moving average is $6.58. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $12.65. The stock has a market cap of $266.84 million, a P/E ratio of -5.41 and a beta of 0.92.

Institutional Investors Weigh In On Backblaze

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock worth $801,000 after purchasing an additional 88,652 shares during the last quarter. State Street Corp increased 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 worth $3,874,000 after purchasing an additional 138,917 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Backblaze by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after purchasing an additional 21,593 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Backblaze during the 3rd quarter worth approximately $944,000. Finally, Barclays PLC increased its stake in shares of Backblaze by 124.4% during 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 last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Analyst Upgrades and Downgrades

BLZE has been the topic of several recent research reports. 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 research report on Friday, November 8th. Lake Street Capital decreased their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Finally, B. Riley decreased their price objective on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target 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.