Braze, Inc. (NASDAQ:BRZE – Get Free Report) was down 6.6% during mid-day trading on Thursday after Oppenheimer lowered their price target on the stock from $75.00 to $60.00. Oppenheimer currently has an outperform rating on the stock. Braze traded as low as $38.32 and last traded at $38.48. Approximately 165,579 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 799,488 shares. The stock had previously closed at $41.22.
Several other research firms have also issued reports on BRZE. Raymond James dropped their target price on shares of Braze from $75.00 to $65.00 and set an “outperform” rating on the stock in a report on Thursday, March 28th. UBS Group upgraded Braze from a “neutral” rating to a “buy” rating and set a $62.00 target price for the company in a report on Thursday, March 21st. Needham & Company LLC restated a “buy” rating and set a $70.00 price target on shares of Braze in a report on Thursday, March 28th. Piper Sandler reiterated an “overweight” rating and issued a $66.00 price objective on shares of Braze in a research note on Friday, April 5th. Finally, TD Cowen cut their target price on shares of Braze from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, March 28th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Braze currently has a consensus rating of “Moderate Buy” and an average price target of $63.24.
Insider Activity
In related news, CTO Jonathan Hyman sold 1,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $42.44, for a total value of $42,440.00. Following the completion of the sale, the chief technology officer now directly owns 183,258 shares of the company’s stock, valued at approximately $7,777,469.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Jonathan Hyman sold 1,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $42.44, for a total value of $42,440.00. Following the completion of the transaction, the chief technology officer now owns 183,258 shares of the company’s stock, valued at $7,777,469.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William Magnuson sold 17,839 shares of Braze stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.76, for a total value of $744,956.64. Following the sale, the chief executive officer now directly owns 618,675 shares in the company, valued at approximately $25,835,868. The disclosure for this sale can be found here. Insiders sold a total of 79,114 shares of company stock valued at $3,344,997 in the last 90 days. Company insiders own 24.03% of the company’s stock.
Hedge Funds Weigh In On Braze
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Braze by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock worth $261,146,000 after buying an additional 148,366 shares during the last quarter. Morgan Stanley raised its position in Braze by 20.1% during the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock valued at $251,769,000 after purchasing an additional 899,894 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of Braze by 6.6% in the 1st quarter. Champlain Investment Partners LLC now owns 2,084,805 shares of the company’s stock valued at $92,357,000 after purchasing an additional 128,645 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Braze by 537.4% in the 4th quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock worth $81,135,000 after purchasing an additional 1,287,500 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Braze by 167.5% in the 3rd quarter. Invesco Ltd. now owns 1,293,974 shares of the company’s stock worth $60,467,000 after purchasing an additional 810,295 shares during the period. 90.47% of the stock is owned by institutional investors.
Braze Stock Performance
The firm’s fifty day moving average is $42.43 and its 200 day moving average is $49.97. The company has a market capitalization of $3.76 billion, a P/E ratio of -28.06 and a beta of 1.13.
Braze (NASDAQ:BRZE – Get Free Report) last released its earnings results on Wednesday, March 27th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.02. Braze had a negative return on equity of 28.24% and a negative net margin of 27.44%. The business had revenue of $130.96 million for the quarter, compared to analyst estimates of $124.55 million. On average, analysts forecast that Braze, Inc. will post -1.18 EPS for the current year.
About Braze
Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers Braze software development kits that automatically manage data ingestion and deliver mobile and web notifications, in-application/in-browser interstitial messages, and content cards; REST API that can be used to import or export data or to trigger workflows between Braze and brands’ existing technology stacks; Partner Data Integrations, which allow brands to sync user cohorts from partners; Data Transformation, in which brands can programmatically sync and transform user data; and Braze Cloud Data Ingestion that enables brands to harness their customer data.