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In recent transactions filed with the Securities and Exchange Commission, Budman Gleb, CEO and Chairperson of Backblaze , Inc. (NASDAQ:BLZE), sold Class A Common Stock valued at $40,968. The company, currently valued at $349 million, has attracted positive analyst attention with an average price target suggesting 76% upside potential. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value estimate. These sales occurred on February 27 and February 28, 2025, with share prices ranging from $6.30 to $6.61.
The sales were part of mandatory transactions to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs), as per the company’s equity incentive plans. These transactions were not discretionary trades by Gleb.
Additionally, Gleb acquired shares valued at $113,205 on February 26, 2025, stemming from fully vested RSUs. Following these transactions, Gleb’s direct ownership stands at 1,863,857 shares. For deeper insights into insider trading patterns and comprehensive financial analysis, access the detailed Pro Research Report available on InvestingPro, where you’ll find exclusive metrics and expert analysis for smarter investment decisions.
In other recent news, Backblaze Inc. reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -0.06, which surpassed analysts’ expectations of -0.09. The company also reported revenue of $33.8 million, slightly above the forecasted $33.64 million. This positive performance was largely driven by the B2 Cloud Storage segment, which saw a 22% year-over-year increase. Backblaze’s adjusted EBITDA more than doubled from the previous year, indicating improved operational efficiency. For 2025, Backblaze projects full-year revenue between $144 million and $146 million and anticipates B2 growth exceeding 30% by the fourth quarter of 2025. In terms of strategic initiatives, the company is focusing on growth in the AI and cloud storage markets, with CEO Gleb Budman highlighting AI as a major growth driver. Additionally, Backblaze successfully completed a secondary offering for $37 million in net proceeds to bolster its liquidity. Analyst firms such as Craig Hallum Capital Group and Oppenheimer have shown interest in the company’s growth strategies and future projections.
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