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SAN MATEO, CA—Cessna Tina, Senior Vice President of Engineering at Backblaze, Inc. (NASDAQ:BLZE), reported the sale of 8,874 shares of Class A Common Stock on November 26, according to a recent SEC filing. The shares were sold at a weighted average price of $6.42, resulting in a total transaction value of $56,971. The cloud storage company, currently valued at $327 million, has shown strong revenue growth of 27% year-over-year, though InvestingPro analysis indicates the company is currently trading near its Fair Value.
The transaction was conducted to cover tax withholding obligations associated with the vesting and settlement of restricted stock units, as mandated by Backblaze's equity incentive plans. This "sell to cover" transaction was not a discretionary trade by Cessna Tina. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $10 to $15.90, suggesting potential upside. For deeper insights into insider trading patterns and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.
Following this sale, Tina holds 144,566 shares of Backblaze stock. The shares were sold in multiple transactions, with prices ranging from $6.19 to $6.64. While the company operates with a moderate debt level and maintains a healthy gross profit margin of 54%, InvestingPro analysis reveals that analysts have recently revised earnings expectations downward for the upcoming period.
In other recent news, Backblaze Inc. reported a 29% revenue growth during its Third Quarter 2024 Earnings Call, reaching $32.6 million. The company's B2 Cloud Storage segment also saw a significant revenue increase of 39%, totaling $16.2 million. The firm set a record with an adjusted EBITDA margin of 12% and projected a Q4 revenue between $33.5 million and $33.9 million, with a full-year forecast of $127 million to $128 million.
Backblaze also announced plans for expansion with a new data center in Canada, expected to launch in Q1 2025. The company experienced a churn earlier in the quarter, bringing the net retention rate to 118%, and reported a negative adjusted free cash flow of $16 million for the year-to-date. Despite a 12% workforce reduction, mainly in marketing, management expressed confidence in the sales team's ability to adapt and improve sales efficiency. These are among the recent developments in the company's strategic initiatives aimed at sustaining growth and achieving long-term financial targets.
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