Allspring Global Investments Holdings LLC Cuts Stock Position in Braze, Inc. (NASDAQ:BRZE)

Allspring Global Investments Holdings LLC trimmed its position in shares of Braze, Inc. (NASDAQ:BRZE) by 26.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 223,292 shares of the company’s stock after selling 79,333 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.22% of Braze worth $8,673,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BRZE. AGF Management Ltd. acquired a new stake in shares of Braze during the fourth quarter worth about $3,282,000. M&G Plc purchased a new position in Braze in the 1st quarter valued at approximately $6,724,000. Occudo Quantitative Strategies LP purchased a new position in Braze in the 4th quarter valued at approximately $5,397,000. Vanguard Group Inc. grew its stake in shares of Braze by 2.6% in the first quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock worth $261,146,000 after acquiring an additional 148,366 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC purchased a new stake in shares of Braze during the first quarter worth $5,714,000. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BRZE has been the subject of several analyst reports. Scotiabank raised Braze from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $48.00 to $56.00 in a research note on Wednesday, July 10th. BTIG Research lowered their price objective on Braze from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Oppenheimer reaffirmed an “outperform” rating and issued a $60.00 target price on shares of Braze in a report on Wednesday, June 12th. Raymond James decreased their price target 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, TD Cowen dropped their price objective on shares of Braze from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Seventeen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $60.50.

Braze Stock Performance

BRZE opened at $44.78 on Friday. Braze, Inc. has a one year low of $33.93 and a one year high of $61.53. The stock has a market capitalization of $4.55 billion, a P/E ratio of -34.98 and a beta of 1.07. The business’s 50-day simple moving average is $40.64 and its 200-day simple moving average is $43.57.

Braze (NASDAQ:BRZE) last released its quarterly earnings results on Thursday, June 6th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.01. The company had revenue of $135.46 million for the quarter, compared to analyst estimates of $131.56 million. Braze had a negative return on equity of 27.85% and a negative net margin of 25.06%. On average, equities research analysts forecast that Braze, Inc. will post -1.21 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Isabelle Winkles sold 4,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $39.06, for a total transaction of $175,770.00. Following the completion of the sale, the chief financial officer now owns 242,627 shares in the company, valued at $9,477,010.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Braze news, CFO Isabelle Winkles sold 4,500 shares of Braze stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $39.06, for a total value of $175,770.00. Following the transaction, the chief financial officer now directly owns 242,627 shares in the company, valued at approximately $9,477,010.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Myles Kleeger sold 9,178 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $41.37, for a total value of $379,693.86. Following the sale, the insider now owns 206,340 shares of the company’s stock, valued at approximately $8,536,285.80. The disclosure for this sale can be found here. Insiders sold a total of 174,845 shares of company stock worth $7,506,929 in the last 90 days. Company insiders own 24.03% 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.