B. Riley Lowers Backblaze (NASDAQ:BLZE) Price Target to $11.00

Backblaze (NASDAQ:BLZE) had its price target reduced by stock analysts at B. Riley from $11.50 to $11.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 51.52% from the stock’s previous close.

BLZE has been the subject of several other reports. Craig Hallum increased their price objective on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Raymond James increased their target price on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

Backblaze Trading Up 0.1 %

BLZE opened at $7.26 on Tuesday. Backblaze has a twelve month low of $4.91 and a twelve month high of $12.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average of $6.48 and a 200-day moving average of $6.50. The stock has a market cap of $322.34 million, a PE ratio of -6.54 and a beta of 0.92.

Insider Buying and Selling at Backblaze

In related news, CEO Gleb Budman sold 10,321 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the transaction, the chief executive officer now directly owns 1,864,646 shares of the company’s stock, valued at $11,971,027.32. This trade represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Tina Cessna sold 8,874 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $56,971.08. Following the transaction, the vice president now directly owns 144,566 shares in the company, valued at $928,113.72. The trade was a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. AWM Investment Company Inc. lifted its position in shares of Backblaze by 2,664.4% during the fourth quarter. AWM Investment Company Inc. now owns 2,783,158 shares of the company’s stock valued at $16,755,000 after purchasing an additional 2,682,480 shares in the last quarter. AIGH Capital Management LLC purchased a new stake in Backblaze during the fourth quarter worth about $10,836,000. First Eagle Investment Management LLC increased its stake in shares of Backblaze by 4.5% in the fourth quarter. First Eagle Investment Management LLC now owns 1,160,390 shares of the company’s stock worth $6,986,000 after purchasing an additional 49,800 shares in the last quarter. Geode Capital Management LLC grew its stake in Backblaze by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 875,829 shares of the company’s stock valued at $5,273,000 after acquiring an additional 11,267 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Backblaze by 21.2% during the fourth quarter. Millennium Management LLC now owns 622,813 shares of the company’s stock valued at $3,749,000 after acquiring an additional 108,884 shares in the last quarter. 54.03% of the stock is owned by 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.