Backblaze CFO Marc Suidan sells $33,380 in shares By Investing.com

Backblaze () Chief Financial Officer Marc Suidan recently sold 2,110 shares of Class A Common Stock for tax withholding obligations, totaling $33,380. The transactions, filed with the SEC, also included the settlement of restricted stock units for cash.

On August 21, 2026, Suidan disposed of 2,110 shares at a weighted average price of $15.82 per share. These shares were sold in multiple transactions with prices ranging from $15.82 to $15.83. The sale was not a discretionary trade by Suidan but was mandated by Backblaze’s equity incentive plans to cover tax withholding obligations associated with the vesting and settlement of restricted stock units.

The transactions come as Backblaze shares trade at $15.55, down 19% over the past week. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value. The company, valued at $963 million, has delivered a remarkable 296% return over six months. Analysts maintain a bullish outlook with price targets ranging from $21 to $25, and InvestingPro offers deeper insights through its comprehensive Pro Research Report, available for BLZE and 1,400+ other US equities.

Separately, on August 20, 2026, Suidan disposed of 11,083 restricted stock units. These units were retired for cash by Backblaze upon vesting, in lieu of issuing shares of common stock. The settlement occurred at the closing price of $16.24 per unit, amounting to a total value of $179,987.

Following these reported transactions, Marc Suidan directly beneficially owns 349,518 shares of Backblaze Class A Common Stock.

In other recent news, Backblaze Inc. reported second-quarter revenue of $42.7 million, surpassing the consensus estimate of $39.9 million and marking an 18% increase from the previous year. The company also raised its full-year revenue guidance by $10.5 million, or 6.5% at the midpoint, attributed to business execution, a price increase, and a significant $335 million five-year deal with CoreWeave. In light of these results, Needham increased its price target for Backblaze to $23 while maintaining a Buy rating. Similarly, Citizens raised its price target to $21, reiterating a Market Outperform rating, citing strong results and the company’s competitive edge in affordable cloud storage offerings. Additionally, Backblaze announced plans to offer $150 million in convertible senior notes due 2031 in a private placement, with an option for initial purchasers to buy up to an additional $22.5 million in notes. Citizens highlighted Backblaze’s potential for long-term capital appreciation, supported by the proliferation of data and increased demand for cloud storage. These developments underscore Backblaze’s strategic moves and market performance amid growing industry dynamics.

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