Marc Suidan Sells 1,974 Shares of Backblaze, Inc. (NASDAQ:BLZE) Stock

Backblaze, Inc. (NASDAQ:BLZE) CFO Marc Suidan sold 1,974 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $6.61, for a total value of $13,048.14. Following the completion of the sale, the chief financial officer now directly owns 308,204 shares of the company’s stock, valued at $2,037,228.44. The trade was a 0.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $6.19 on Wednesday. Backblaze, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $12.65. The company’s 50-day moving average is $6.51 and its 200 day moving average is $6.57. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $274.84 million, a P/E ratio of -5.58 and a beta of 0.92.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BLZE. Lake Street Capital reduced their target price on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. B. Riley decreased their price objective on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Finally, Raymond James boosted their target price on Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $11.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC bought a new stake in shares of Backblaze in the 3rd quarter worth approximately $944,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Backblaze by 45.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock worth $2,172,000 after buying an additional 106,285 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Backblaze by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company’s stock valued at $755,000 after buying an additional 5,098 shares during the period. Cerity Partners LLC purchased a new position in shares of Backblaze during the 3rd quarter valued at $640,000. Finally, MetLife Investment Management LLC grew its stake in shares of Backblaze by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock worth $155,000 after acquiring an additional 13,678 shares during the period. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

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.