9 Small-Cap Tech Stocks on Wall Street’s Radar

5. Backblaze, Inc. (NASDAQ:BLZE)

Number of Hedge Fund Holders: 21

Market Cap: $284.46 Million

Backblaze, Inc. (NASDAQ:BLZE) is one of the small-cap tech stocks on Wall Street’s radar.

On November 6, 2025, Needham maintained its Buy rating on Backblaze and cut its 12-month price target to $8. However, we could not find any commentary accompnying the price-target update.

The same day, Backblaze reported Q3 2025 results. The company’s Q3 worked because mix and scale finally lined up. B2 Cloud Storage jumped 28% to $20.7M while Computer Backup stayed flat, so growth came from the higher-velocity product. That shift, plus pricing and utilization, lifted gross margin to 62% from 55% and pushed adjusted EBITDA margin near 23%, with the net loss shrinking sharply. ARR rose 13% to $147.2M, led by B2 at $81.8M. The one caution sign: expansion slowed, with NRR easing to 106% from 118%, so upsell is less forceful than last year. Guidance keeps the bet on B2 momentum into Q4.

Backblaze, Inc. (NASDAQ:BLZE) is an independent cloud storage platform best known for B2 object storage and Computer Backup. The company says it serves over 500,000 customers in 175 countries and emphasizes S3-compatible, price-predictable storage for AI and data-heavy workloads.