Backblaze Inc. Chief Financial Officer Marc Suidan sold 2,110 shares of Class A common stock on August 21 for $33,380, according to regulatory filings. The sale was executed to cover tax withholding obligations tied to the vesting of restricted stock units, as required by the company's equity incentive plans.
Separately, 11,083 restricted stock units vested on August 20 and were settled in cash by Backblaze at $16.24 per unit, totaling $179,987. After these transactions, Suidan retains 349,518 shares of Backblaze Class A common stock.
Backblaze's stock, trading at $15.55 at the time of publication, has declined 19% over the past week. The company, valued at $963 million, has delivered a 296% return over the past six months. InvestingPro assesses the stock as overvalued relative to its estimated fair value.
Analysts have set price targets for Backblaze ranging from $21 to $25. Needham raised its target to $23 with a buy rating, while Citizens increased its target to $21 with an outperform rating.
Backblaze reported second-quarter revenue of $42.7 million, exceeding the consensus estimate of $39.9 million and marking an 18% year-over-year increase. The company also raised its full-year revenue guidance by $10.5 million, citing strong business execution, a price increase, and a five-year, $335 million contract with CoreWeave.
Additionally, Backblaze plans to offer $150 million in convertible senior notes due in 2031, with an option for initial buyers to purchase up to an additional $22.5 million in notes.
