Braze’s (BRZE) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Braze (NASDAQ:BRZE) in a research report sent to investors on Monday, Benzinga reports. They currently have a $70.00 target price on the stock.

Several other equities research analysts also recently issued reports on the stock. Citigroup boosted their price objective on shares of Braze from $52.00 to $58.00 and gave the stock a buy rating in a research note on Friday, June 7th. William Blair reiterated an outperform rating on shares of Braze in a research note on Thursday, March 28th. JMP Securities reiterated a market outperform rating and set a $68.00 price objective on shares of Braze in a research note on Friday, June 7th. Raymond James decreased their price objective on shares of Braze from $65.00 to $55.00 and set an outperform rating for the company in a research note on Friday, June 7th. Finally, UBS Group upgraded shares of Braze from a neutral rating to a buy rating and set a $62.00 price objective for the company in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $60.88.

Braze Stock Performance

Braze stock opened at $35.41 on Monday. Braze has a 1 year low of $35.10 and a 1 year high of $61.53. The firm has a 50 day moving average price of $40.21 and a 200 day moving average price of $48.69. The company has a market cap of $3.60 billion, a price-to-earnings ratio of -27.66 and a beta of 1.06.

Braze (NASDAQ:BRZE) last released its earnings results on Thursday, June 6th. The company reported ($0.35) earnings per share (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 27.85%. The firm had revenue of $135.46 million during the quarter, compared to the consensus estimate of $131.56 million. Sell-side analysts predict that Braze will post -1.21 EPS for the current year.

Insider Buying and Selling

In related news, CEO William Magnuson sold 17,839 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $41.76, for a total value of $744,956.64. Following the completion of the transaction, the chief executive officer now owns 618,675 shares in the company, valued at approximately $25,835,868. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO William Magnuson sold 17,839 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $41.76, for a total transaction of $744,956.64. Following the completion of the transaction, the chief executive officer now owns 618,675 shares in the company, valued at approximately $25,835,868. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Myles Kleeger sold 9,177 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $41.76, for a total transaction of $383,231.52. Following the transaction, the insider now owns 221,906 shares of the company’s stock, valued at approximately $9,266,794.56. The disclosure for this sale can be found here. Insiders have sold a total of 77,614 shares of company stock valued at $3,268,017 in the last quarter. Company insiders own 24.03% of the company’s stock.

Institutional Trading of Braze

Hedge funds have recently bought and sold shares of the company. Fred Alger Management LLC purchased a new stake in Braze during the third quarter valued at about $29,000. Neo Ivy Capital Management purchased a new stake in shares of Braze in the fourth quarter worth approximately $40,000. Covestor Ltd lifted its position in shares of Braze by 401.1% in the first quarter. Covestor Ltd now owns 922 shares of the company’s stock worth $41,000 after purchasing an additional 738 shares in the last quarter. Canton Hathaway LLC purchased a new stake in shares of Braze in the fourth quarter worth approximately $42,000. Finally, Comerica Bank lifted its position in shares of Braze by 29.4% in the first quarter. Comerica Bank now owns 1,216 shares of the company’s stock worth $54,000 after purchasing an additional 276 shares in the last quarter. 90.47% of the stock is owned by hedge funds and other institutional investors.

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.