Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) CFO Marc Suidan sold 2,110 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the completion of the sale, the chief financial officer directly owned 349,518 shares in the company, valued at $5,529,374.76. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Backblaze Stock Performance
BLZE stock opened at $15.55 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $962.54 million, a price-to-earnings ratio of -45.73 and a beta of 1.56. Backblaze, Inc. has a 1 year low of $3.26 and a 1 year high of $23.99. The stock's fifty day moving average is $14.91 and its two-hundred day moving average is $8.56.
Backblaze (NASDAQ:BLZE - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.02 by $0.06. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.73%. The business had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. On average, research analysts predict that Backblaze, Inc. will post -0.26 EPS for the current year.
Wall Street Analysts Forecast Growth
Several brokerages have commented on BLZE. Citizens Jmp raised their price target on shares of Backblaze from $16.00 to $21.00 and gave the company a "market outperform" rating in a research note on Tuesday, August 4th. Lake Street Capital reissued a "buy" rating and issued a $21.00 price objective on shares of Backblaze in a report on Tuesday, August 4th. Weiss Ratings restated a "sell (e+)" rating on shares of Backblaze in a research report on Wednesday, August 12th. B. Riley Financial lifted their target price on Backblaze from $16.00 to $24.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded Backblaze from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.71.
Get Our Latest Report on BLZE
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in BLZE. Wasatch Advisors LP acquired a new position in shares of Backblaze during the 3rd quarter valued at $17,021,000. Pillsbury Lake Capital LLC acquired a new stake in shares of Backblaze in the fourth quarter valued at $8,058,000. AWM Investment Company Inc. acquired a new stake in shares of Backblaze in the second quarter valued at $22,207,000. Renaissance Technologies LLC boosted its stake in Backblaze by 94.5% during the fourth quarter. Renaissance Technologies LLC now owns 810,752 shares of the company's stock valued at $3,778,000 after buying an additional 393,936 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Backblaze by 152.3% during the first quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company's stock valued at $1,785,000 after buying an additional 312,459 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.
About Backblaze
(
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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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.
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