Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CFO Sells $14,553.00 in Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Francis P. Patchel sold 2,156 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $6.75, for a total value of $14,553.00. Following the completion of the sale, the chief financial officer now directly owns 177,832 shares of the company’s stock, valued at $1,200,366. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Backblaze Stock Performance

Shares of BLZE stock opened at $6.67 on Friday. The stock has a market capitalization of $276.81 million, a PE ratio of -4.70 and a beta of 1.21. Backblaze, Inc. has a 52-week low of $3.50 and a 52-week high of $12.65. The stock’s 50-day moving average price is $9.10 and its 200 day moving average price is $8.51. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.34.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Raymond James boosted their target price on Backblaze from $12.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, February 16th. B. Riley boosted their target price on Backblaze from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Oppenheimer boosted their target price on Backblaze from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th.

Hedge Funds Weigh In On Backblaze

Several institutional investors have recently added to or reduced their stakes in BLZE. First Eagle Investment Management LLC acquired a new position in Backblaze in the 3rd quarter valued at about $2,479,000. Acadian Asset Management LLC increased its position in Backblaze by 117.0% in the 1st quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after acquiring an additional 371,851 shares during the period. EAM Investors LLC acquired a new position in Backblaze in the 3rd quarter valued at about $1,389,000. Scalar Gauge Management LLC acquired a new position in Backblaze in the 4th quarter valued at about $1,677,000. Finally, Essex Investment Management Co. LLC acquired a new position in Backblaze in the 1st quarter valued at about $2,048,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

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.