Marc Suidan Sells 2,110 Shares of Backblaze (NASDAQ:BLZE) Stock

Key Points

• Backblaze CFO Marc Suidan sold 2,110 shares at an average price of $15.82, generating $33,380.20. The sale covered tax withholding obligations tied to vested equity awards, and he retained 349,518 shares.
• BLZE shares fell 1.6% to $15.55, while the company’s latest quarterly results exceeded expectations with $0.08 in EPS versus a $0.02 consensus estimate and revenue of $42.71 million versus $39.94 million expected.
• Analyst sentiment remains broadly positive, with eight Buy ratings, one Hold, and one Sell; Backblaze has a consensus “Moderate Buy” rating and a $19.71 average price target. Institutional investors own 54.03% of the stock.

Backblaze, Inc. (NASDAQ:BLZE - Get Free Report) CFO Marc Suidan sold 2,110 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $15.82, for a total transaction of $33,380.20. Following the transaction, the chief financial officer directly owned 349,518 shares of the company's stock, valued at $5,529,374.76. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Backblaze Stock Down 1.6%

Shares of BLZE stock traded down $0.25 during trading on Monday, reaching $15.55. The company's stock had a trading volume of 3,460,072 shares, compared to its average volume of 2,179,476. The business has a fifty day moving average price of $14.76 and a 200-day moving average price of $8.48. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. The company has a market cap of $962.54 million, a price-to-earnings ratio of -45.73 and a beta of 1.56. Backblaze, Inc. has a one year low of $3.26 and a one year high of $23.99.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.06. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%.The business had revenue of $42.71 million for the quarter, compared to the consensus estimate of $39.94 million. Analysts anticipate that Backblaze, Inc. will post -0.26 earnings per share for the current year.

Hedge Funds Weigh In On Backblaze

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC acquired a new stake in Backblaze in the 1st quarter worth about $426,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Backblaze by 17.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,094 shares of the company's stock worth $131,000 after purchasing an additional 4,060 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Backblaze by 32.5% during the first quarter. Millennium Management LLC now owns 825,422 shares of the company's stock worth $3,987,000 after purchasing an additional 202,609 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Backblaze by 27.1% during the first quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company's stock worth $1,264,000 after purchasing an additional 55,720 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Backblaze by 13.5% in the second quarter. Geode Capital Management LLC now owns 1,168,558 shares of the company's stock valued at $6,428,000 after buying an additional 139,429 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on BLZE shares. Citizens Jmp increased their price target on shares of Backblaze from $16.00 to $21.00 and gave the company a "market outperform" rating in a research note on Tuesday, August 4th. Citigroup reiterated a "market outperform" rating on shares of Backblaze in a research note on Thursday, July 23rd. B. Riley Financial upped their price objective on Backblaze from $16.00 to $24.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Weiss Ratings reissued a "sell (e+)" rating on shares of Backblaze in a research report on Wednesday, August 12th. Finally, Needham & Company LLC increased their price target on shares of Backblaze from $14.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.71.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.

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