Insider Selling: Backblaze, Inc. (NASDAQ:BLZE) Major Shareholder Sells 2,000 Shares of 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, July 29th. The shares were sold at an average price of 5.47, for a total transaction of 10,940.00. Following the sale, the insider now owns 452,000 shares in the company, valued at approximately 2,472,440. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Backblaze Trading Up 0.5 %

Shares of Backblaze stock opened at 5.62 on Monday. Backblaze, Inc. has a 12-month low of 4.81 and a 12-month high of 36.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.05 and a quick ratio of 2.05. The company’s fifty day simple moving average is 5.44 and its two-hundred day simple moving average is 8.92.

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

Institutional Investors Weigh In On Backblaze

A number of large investors have recently added to or reduced their stakes in BLZE. Royal Bank of Canada lifted its position 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 worth $30,000 after purchasing an additional 2,069 shares during the period. Goldman Sachs Group Inc. purchased a new stake in shares of Backblaze in the 1st quarter worth about $117,000. State Street Corp purchased a new stake in shares of Backblaze in the 1st quarter worth about $261,000. Renaissance Technologies LLC purchased a new stake in shares of Backblaze in the 1st quarter worth about $620,000. Finally, Vanguard Group Inc. lifted its position in shares of Backblaze by 269.7% in the 1st quarter. Vanguard Group Inc. now owns 412,992 shares of the company’s stock worth $4,407,000 after purchasing an additional 301,271 shares during the period. Institutional investors own 12.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BLZE shares. Lake Street Capital lowered their price objective on shares of Backblaze from $21.00 to $13.00 in a research report on Friday, May 6th. B. Riley reduced their target price on shares of Backblaze from $23.00 to $16.50 in a report on Friday, May 6th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Backblaze has a consensus rating of “Buy” and an average price target of 20.38.

Backblaze Company Profile

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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.

See Also

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

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