Backblaze (BLZE)

• Market cap: $273M
• 1 day: 1.83%
• 5 days: -3.28%
• 1 month: -16.47%
• 3 months: -17.70%
• 6 months: -20.06%
• Year to date: -17.70%
• 1 year: -49.24%
• 5 years: -74.77%
• 10 years: -74.77%
• Sector: Technology
• Industry: Software - Infrastructure

About: Backblaze Inc provides cloud storage services. The company offers services such as Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. It is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases including backups, multi-cloud, application development, and ransomware protection and Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. Geographically, it derives a majority of revenue from the United States and the rest from the United Kingdom, Canada, and Other regions.

Employees: 346

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

173% more first-time investments, than exits

New positions opened: 30 | Existing positions closed: 11

127% more repeat investments, than reductions

Existing positions increased: 50 | Existing positions reduced: 22

33% more capital invested

Capital invested by funds: $105M [Q3] → $140M (+$35M) [Q4]

17% more funds holding

Funds holding: 102 [Q3] → 119 (+17) [Q4]

7.62% more ownership

Funds ownership: 38.22% [Q3] → 45.84% (+7.62%) [Q4]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q3] → 1 (+0) [Q4]

76% less call options, than puts

Call options by funds: $97K | Put options by funds: $403K

Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $8 59% upside
• Avg. target: $10 99% upside
• High target: $11 119% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

Needham Matt Dezort 10% 1-year accuracy 1 / 10 met price target	59% upside $8	Buy Initiated	11 Mar 2025
Lake Street Eric Martinuzzi 30% 1-year accuracy 8 / 27 met price target	119% upside $11	Buy Maintained	26 Feb 2025
B. Riley Securities Zach Cummins 7% 1-year accuracy 1 / 15 met price target	119% upside $11	Buy Maintained	18 Feb 2025