Braze (NASDAQ:BRZE) Hits New 1-Year Low After Analyst Downgrade

Braze, Inc. (NASDAQ:BRZE)’s share price reached a new 52-week low during trading on Tuesday after TD Cowen lowered their price target on the stock from $52.00 to $45.00. TD Cowen currently has a buy rating on the stock. Braze traded as low as $32.24 and last traded at $32.27, with a volume of 212670 shares changing hands. The stock had previously closed at $34.63.

Several other research firms have also recently commented on BRZE. Raymond James lowered their target price on shares of Braze from $65.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, June 7th. JMP Securities restated a “market outperform” rating and set a $68.00 price objective on shares of Braze in a research report on Tuesday. Canaccord Genuity Group raised their price objective on shares of Braze from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 7th. Needham & Company LLC restated a “buy” rating and set a $70.00 price objective on shares of Braze in a research report on Tuesday. Finally, Loop Capital restated a “buy” rating and set a $75.00 price objective on shares of Braze in a research report on Tuesday. Eighteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $59.82.

Insider Buying and Selling

In related news, CEO William Magnuson sold 17,840 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $41.37, for a total transaction of $738,040.80. Following the completion of the sale, the chief executive officer now directly owns 600,749 shares in the company, valued at $24,852,986.13. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Pankaj Malik sold 2,262 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $38.14, for a total transaction of $86,272.68. Following the completion of the sale, the chief accounting officer now directly owns 74,361 shares in the company, valued at $2,836,128.54. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Magnuson sold 17,840 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $41.37, for a total transaction of $738,040.80. Following the transaction, the chief executive officer now directly owns 600,749 shares in the company, valued at approximately $24,852,986.13. The disclosure for this sale can be found here. Over the last three months, insiders sold 188,727 shares of company stock worth $8,140,693. 24.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On Braze

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. bought a new position in Braze during the second quarter valued at approximately $10,166,000. Quarry LP bought a new position in Braze during the second quarter valued at approximately $50,000. Creative Planning raised its position in Braze by 1.7% during the second quarter. Creative Planning now owns 23,121 shares of the company’s stock valued at $898,000 after acquiring an additional 384 shares in the last quarter. Algert Global LLC bought a new position in shares of Braze in the second quarter valued at approximately $2,376,000. Finally, Mackenzie Financial Corp bought a new position in shares of Braze in the second quarter valued at approximately $971,000. Institutional investors own 90.47% of the company’s stock.

Braze Stock Down 5.7 %

The company has a market cap of $3.32 billion, a P/E ratio of -25.50 and a beta of 1.07. The stock’s 50-day moving average price is $40.20 and its 200 day moving average price is $41.08.

Braze (NASDAQ:BRZE) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The company had revenue of $145.50 million for the quarter, compared to analyst estimates of $141.32 million. During the same quarter last year, the firm posted ($0.30) earnings per share. The company’s quarterly revenue was up 26.4% compared to the same quarter last year. Analysts expect that Braze, Inc. will post -1.05 earnings per share for the current fiscal year.

Braze Company Profile

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.