Needham & Company LLC Reaffirms Buy Rating for Braze (NASDAQ:BRZE)

Needham & Company LLC reiterated their buy rating on shares of Braze (NASDAQ:BRZEFree Report) in a report released on Friday morning, Benzinga reports. The brokerage currently has a $70.00 price objective on the stock.

Other analysts have also recently issued reports about the company. UBS Group raised Braze from a neutral rating to a buy rating and set a $62.00 price objective for the company in a research report on Thursday, March 21st. BTIG Research decreased their price target on Braze from $68.00 to $62.00 and set a buy rating for the company in a report on Friday, May 31st. Raymond James dropped their price objective on shares of Braze from $75.00 to $65.00 and set an outperform rating on the stock in a research note on Thursday, March 28th. JPMorgan Chase & Co. reduced their target price on shares of Braze from $60.00 to $58.00 and set an overweight rating for the company in a research note on Thursday, March 28th. Finally, Canaccord Genuity Group dropped their price target on shares of Braze from $65.00 to $50.00 and set a buy rating on the stock in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $60.88.

View Our Latest Report on BRZE

Braze Price Performance

Shares of Braze stock opened at $36.65 on Friday. The firm’s fifty day simple moving average is $41.00 and its 200-day simple moving average is $49.44. Braze has a 12 month low of $33.59 and a 12 month high of $61.53. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -28.63 and a beta of 1.06.

Braze (NASDAQ:BRZEGet Free Report) last posted its quarterly earnings data on Thursday, June 6th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.01. Braze had a negative net margin of 25.06% and a negative return on equity of 27.77%. The company had revenue of $135.46 million for the quarter, compared to analyst estimates of $131.56 million. Analysts anticipate that Braze will post -1.18 earnings per share for the current year.

Insider Activity at Braze

In related news, insider Myles Kleeger sold 9,177 shares of Braze stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $41.76, for a total transaction of $383,231.52. Following the completion of the transaction, the insider now directly owns 221,906 shares of the company’s stock, valued at $9,266,794.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Pankaj Malik sold 2,746 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.76, for a total transaction of $114,672.96. Following the completion of the transaction, the chief accounting officer now directly owns 79,253 shares of the company’s stock, valued at approximately $3,309,605.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Myles Kleeger sold 9,177 shares of the company’s 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 $383,231.52. Following the completion of the sale, the insider now directly owns 221,906 shares in the company, valued at approximately $9,266,794.56. The disclosure for this sale can be found here. Insiders sold 79,114 shares of company stock valued at $3,344,997 in the last ninety days. Corporate insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Braze by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock worth $261,146,000 after purchasing an additional 148,366 shares during the last quarter. Morgan Stanley lifted its stake in shares of 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 buying an additional 899,894 shares during the period. Champlain Investment Partners LLC boosted its position in Braze by 6.6% during the first quarter. Champlain Investment Partners LLC now owns 2,084,805 shares of the company’s stock worth $92,357,000 after acquiring an additional 128,645 shares during the last quarter. 1832 Asset Management L.P. grew its stake in 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 acquiring an additional 1,287,500 shares during the period. Finally, Invesco Ltd. raised its holdings in Braze by 167.5% in the 3rd quarter. Invesco Ltd. now owns 1,293,974 shares of the company’s stock valued at $60,467,000 after acquiring an additional 810,295 shares during the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.

Braze Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Braze (NASDAQ:BRZE)

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