Backblaze (BLZE)

• Market cap: $301M
• 1 day: -2.32%
• 5 days: -1.26%
• 1 month: -2.66%
• 3 months: 23.98%
• 6 months: -14.77%
• Year to date: -10.16%
• 1 year: -12.04%
• 5 years: -72.46%
• 10 years: -72.46%
• 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 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

100% more funds holding in top 10

Funds holding in top 10: 1 [Q4 2024] → 2 (+1) [Q1 2025]

76% more repeat investments, than reductions

Existing positions increased: 51 | Existing positions reduced: 29

1.88% less ownership

Funds ownership: 45.84% [Q4 2024] → 43.96% (-1.88%) [Q1 2025]

6% less funds holding

Funds holding: 118 [Q4 2024] → 111 (-7) [Q1 2025]

11% less call options, than puts

Call options by funds: $313K | Put options by funds: $352K

18% less capital invested

Capital invested by funds: $140M [Q4 2024] → $115M (-$24.5M) [Q1 2025]

19% less first-time investments, than exits

New positions opened: 17 | Existing positions closed: 21

Research analyst outlook

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

• Low target: $7 28% upside
• Avg. target: $7 28% upside
• High target: $7 28% upside

1 analyst rating

• positive: 1 100%
• neutral: 0 0%
• negative: 0 0%

JMP Securities Rustam Kanga

28% upside $7

Market Outperform Initiated

24 Jun 2025