Braze (NASDAQ:BRZE) Price Target Raised to $50.00

Braze (NASDAQ:BRZE) had its price objective raised by research analysts at Canaccord Genuity Group from $45.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 33.30% from the company’s previous close.

Several other brokerages also recently issued reports on BRZE. Citigroup increased their price target on Braze from $47.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Piper Sandler increased their target price on Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, December 10th. Stifel Nicolaus set a $50.00 price target on Braze and gave the stock a “buy” rating in a research report on Friday. DA Davidson reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Braze in a research report on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and set a $51.00 target price on shares of Braze in a research report on Tuesday, December 10th. One research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $53.00.

Braze Price Performance

Shares of NASDAQ:BRZE opened at $37.51 on Friday. The firm has a market capitalization of $3.88 billion, a PE ratio of -32.90 and a beta of 1.17. Braze has a 12 month low of $29.18 and a 12 month high of $48.33. The business has a 50-day moving average of $39.66 and a two-hundred day moving average of $38.01.

Braze (NASDAQ:BRZE) last posted its quarterly earnings results on Thursday, March 27th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.05 by $0.07. Braze had a negative net margin of 20.41% and a negative return on equity of 24.88%. The firm had revenue of $160.40 million for the quarter, compared to analyst estimates of $155.72 million. During the same quarter last year, the firm posted ($0.04) earnings per share. Braze’s revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, research analysts anticipate that Braze will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO William Magnuson sold 18,050 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total value of $736,801.00. Following the sale, the chief executive officer now owns 564,766 shares of the company’s stock, valued at approximately $23,053,748.12. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Pankaj Malik sold 3,700 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $45.77, for a total value of $169,349.00. Following the transaction, the chief accounting officer now owns 54,784 shares of the company’s stock, valued at approximately $2,507,463.68. The trade was a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,470 shares of company stock valued at $3,841,921. Company insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Several institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its position in Braze by 14.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 25,083 shares of the company’s stock worth $811,000 after purchasing an additional 3,180 shares during the last quarter. Intech Investment Management LLC acquired a new position in Braze during the 3rd quarter worth $673,000. Charles Schwab Investment Management Inc. grew its stake in shares of Braze by 12.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company’s stock worth $16,486,000 after purchasing an additional 57,713 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Braze by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 36,344 shares of the company’s stock valued at $1,175,000 after purchasing an additional 1,751 shares during the period. Finally, FMR LLC raised its stake in shares of Braze by 393.1% during the third quarter. FMR LLC now owns 11,829 shares of the company’s stock valued at $383,000 after purchasing an additional 9,430 shares in the last quarter. Institutional investors own 90.47% of the company’s stock.

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.