Backblaze Inc. (NASDAQ: BLZE) CEO Gleb Budman sold 12,855 Class A common shares on August 21 for $203,366, according to a Form 4 filing with the U.S. Securities and Exchange Commission.
The disposal was executed at a weighted average price of $15.82 per share, with individual prices ranging between $15.82 and $15.83. Budman stated the sale was non-discretionary and intended to cover tax withholding obligations tied to the vesting and settlement of restricted stock units (RSUs).
A day earlier, Budman disposed of 11,083 Class A shares valued at $179,987 at $16.24 per share. That transaction involved previously issued RSUs settled in cash upon vesting rather than new share issuance.
Following both transactions, Budman retains direct ownership of 2,192,103 Class A shares of Backblaze.
Backblaze’s stock has declined 19% over the past week despite a 93% gain over the prior year and a 296% surge over six months. InvestingPro data indicates the shares are currently assessed as overvalued, though six analysts have revised earnings estimates upward in recent weeks. The company is expected to achieve profitability later this year.
In its latest quarter, Backblaze reported Q2 revenue of $42.7 million, exceeding the consensus estimate of $39.9 million and reflecting 18% year-over-year growth. Full-year revenue guidance was raised by $10.5 million at the midpoint, bringing the total to $184.5 million.
The company also highlighted a five-year contract with CoreWeave valued at $335 million. Additionally, Backblaze plans to offer $150 million in senior convertible notes due in 2031, with an option to purchase an additional $22.5 million to cover overallotments.
Needham raised its price target on Backblaze to $23 from $14, maintaining a buy rating. Citizens increased its target to $21 from $16, reiterating an outperform rating and citing the company’s competitive position in affordable cloud storage and AI-driven demand.
