Bank of America Corp DE Buys 147,127 Shares of Braze, Inc. (NASDAQ:BRZE)

Bank of America Corp DE raised its holdings in shares of Braze, Inc. (NASDAQ:BRZE) by 57.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 402,690 shares of the company’s stock after buying an additional 147,127 shares during the period. Bank of America Corp DE’s holdings in Braze were worth $16,865,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in shares of Braze by 168.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 646 shares of the company’s stock valued at $27,000 after purchasing an additional 405 shares during the last quarter. Aster Capital Management DIFC Ltd raised its holdings in shares of Braze by 9,188.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 836 shares of the company’s stock worth $35,000 after buying an additional 827 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Braze by 8,436.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 939 shares of the company’s stock worth $39,000 after buying an additional 928 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Braze during the fourth quarter valued at $47,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Braze during the fourth quarter valued at $115,000. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

Braze Price Performance

Shares of NASDAQ:BRZE opened at $35.46 on Wednesday. The business’s 50 day moving average price is $33.14 and its 200-day moving average price is $37.94. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -31.11 and a beta of 1.15. Braze, Inc. has a 1 year low of $27.45 and a 1 year high of $48.33.

Braze (NASDAQ:BRZE) last released its earnings results on Thursday, March 27th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $160.40 million during the quarter, compared to analysts’ expectations of $155.72 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. The company’s quarterly revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts expect that Braze, Inc. will post -0.98 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Piper Sandler reduced their target price on Braze from $48.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Citigroup upped their target price on Braze from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, March 28th. Raymond James raised their price target on shares of Braze from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, March 28th. Canaccord Genuity Group lifted their price objective on shares of Braze from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, March 28th. Finally, Barclays cut their price objective on shares of Braze from $70.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. One 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 stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $50.10.

Insider Buying and Selling

In other Braze news, General Counsel Susan Wiseman sold 3,486 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $40.02, for a total value of $139,509.72. Following the completion of the sale, the general counsel now owns 182,109 shares in the company, valued at approximately $7,288,002.18. This represents a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Myles Kleeger sold 8,365 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $40.12, for a total transaction of $335,603.80. Following the completion of the transaction, the insider now directly owns 168,882 shares in the company, valued at $6,775,545.84. This trade represents a 4.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,518 shares of company stock worth $666,397. Insiders own 18.20% 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.