Braze (NASDAQ:BRZE) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Braze (NASDAQ:BRZE) in a report issued on Wednesday morning,Benzinga reports. The firm currently has a $50.00 price objective on the stock.

Several other research analysts have also issued reports on BRZE. JPMorgan Chase & Co. cut their price target on Braze from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group lowered their price objective on Braze from $65.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Macquarie increased their price objective on Braze from $30.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Wells Fargo & Company lowered their price objective on Braze from $65.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, November 26th. Finally, Piper Sandler increased their price objective on Braze from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.74.

Braze Stock Performance

Shares of NASDAQ:BRZE opened at $44.11 on Wednesday. The business’s 50 day simple moving average is $41.22 and its two-hundred day simple moving average is $38.50. The firm has a market cap of $4.56 billion, a P/E ratio of -38.69 and a beta of 1.11. Braze has a 52-week low of $29.18 and a 52-week high of $61.53.

Insider Activity at Braze

In other Braze news, CTO Jonathan Hyman sold 6,930 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.45, for a total transaction of $238,738.50. Following the completion of the transaction, the chief technology officer now directly owns 163,020 shares of the company’s stock, valued at approximately $5,616,039. This represents a 4.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip M. Fernandez sold 1,500 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $43.13, for a total value of $64,695.00. Following the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $658,551.97. This trade represents a 8.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,583 shares of company stock valued at $7,325,468. 24.03% of the stock is owned by insiders.

Hedge Funds Weigh In On Braze

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in shares of Braze by 3.3% in the second quarter. Rhumbline Advisers now owns 75,371 shares of the company’s stock worth $2,927,000 after acquiring an additional 2,407 shares during the period. Citizens Financial Group Inc. RI bought a new position in shares of Braze in the second quarter worth $565,000. Renaissance Technologies LLC boosted its holdings in shares of Braze by 78.1% in the second quarter. Renaissance Technologies LLC now owns 371,600 shares of the company’s stock worth $14,433,000 after acquiring an additional 163,000 shares during the period. Blair William & Co. IL boosted its holdings in shares of Braze by 2.2% in the second quarter. Blair William & Co. IL now owns 12,928 shares of the company’s stock worth $502,000 after acquiring an additional 283 shares during the period. Finally, Seven Eight Capital LP boosted its holdings in shares of Braze by 78.1% in the second quarter. Seven Eight Capital LP now owns 47,283 shares of the company’s stock worth $1,836,000 after acquiring an additional 20,741 shares during the period. 90.47% of the stock is owned by institutional investors.

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.