Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) CFO Sells 2,647 Shares of Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Francis P. Patchel sold 2,647 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $6.64, for a total transaction of $17,576.08. Following the transaction, the chief financial officer now directly owns 172,981 shares in the company, valued at approximately $1,148,593.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Backblaze Stock Up 1.0 %

NASDAQ BLZE traded up $0.07 during trading hours on Friday, reaching $6.85. 63,252 shares of the company’s stock traded hands, compared to its average volume of 369,050. Backblaze, Inc. has a 52-week low of $3.50 and a 52-week high of $12.65. The firm has a market cap of $284.28 million, a PE ratio of -4.77 and a beta of 1.21. The firm has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $8.52. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.70 and a quick ratio of 0.70.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BLZE. First Eagle Investment Management LLC increased its stake in Backblaze by 10.2% during the 1st quarter. First Eagle Investment Management LLC now owns 726,990 shares of the company’s stock valued at $7,437,000 after purchasing an additional 67,475 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Backblaze by 117.0% in the first quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock worth $7,052,000 after acquiring an additional 371,851 shares during the period. EAM Investors LLC bought a new stake in shares of Backblaze in the third quarter worth approximately $1,389,000. Scalar Gauge Management LLC bought a new stake in shares of Backblaze in the fourth quarter worth approximately $1,677,000. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Backblaze in the first quarter worth approximately $2,048,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.