Backblaze, Inc. (NASDAQ:BLZE) Major Shareholder Sells 12,180.00 in Stock

Backblaze, Inc. (NASDAQ:BLZEGet Rating) major shareholder Charles J. Jones sold 2,000 shares of the firm’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of 6.09, for a total value of 12,180.00. Following the transaction, the insider now directly owns 536,000 shares in the company, valued at 3,264,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of NASDAQ BLZE opened at 6.14 on Friday. Backblaze, Inc. has a one year low of 5.28 and a one year high of 36.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.05 and a current ratio of 2.05. The business has a 50-day moving average price of 9.07 and a two-hundred day moving average price of 13.86.

Backblaze (NASDAQ:BLZEGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported -0.41 EPS for the quarter, missing analysts’ consensus estimates of -0.37 by -0.04. The business had revenue of 19.49 million during the quarter, compared to analysts’ expectations of 19.31 million. As a group, analysts anticipate that Backblaze, Inc. will post -1.62 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new stake in shares of Backblaze during the 4th quarter valued at about $29,000. ETF Managers Group LLC bought a new position in shares of Backblaze in the 4th quarter valued at approximately $42,000. Royal Bank of Canada raised its stake in shares of Backblaze by 275.9% in the 1st quarter. Royal Bank of Canada now owns 2,819 shares of the company’s stock valued at $30,000 after acquiring an additional 2,069 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Backblaze in the 1st quarter valued at approximately $117,000. Finally, Blair William & Co. IL bought a new position in shares of Backblaze in the 1st quarter valued at approximately $140,000. Institutional investors and hedge funds own 12.85% of the company’s stock.

A number of brokerages have recently commented on BLZE. Zacks Investment Research raised Backblaze from a “sell” rating to a “hold” rating in a report on Friday. Lake Street Capital lowered their target price on Backblaze from $21.00 to $13.00 in a report on Friday, May 6th. Raymond James lowered their target price on Backblaze from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, February 18th. Finally, B. Riley lowered their target price on Backblaze from $23.00 to $16.50 in a report on Friday, May 6th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Backblaze currently has a consensus rating of “Buy” and a consensus price target of 20.38.

About Backblaze (Get Rating)

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.

Further Reading

Insider Buying and Selling by Quarter for Backblaze (NASDAQ:BLZE)

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