Braze (NASDAQ:BRZE) Price Target Raised to $48.00

Braze (NASDAQ:BRZE) had its price objective raised by Raymond James from $45.00 to $48.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Raymond James’ target price suggests a potential upside of 25.72% from the company’s current price.

Other analysts have also issued research reports about the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $55.00 target price (up previously from $50.00) on shares of Braze in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Braze in a report on Friday. DA Davidson reissued a “buy” rating and set a $50.00 target price on shares of Braze in a report on Wednesday. Oppenheimer reissued an “outperform” rating and issued a $51.00 price objective on shares of Braze in a research note on Tuesday, December 10th. Finally, William Blair reaffirmed an “outperform” rating on shares of Braze in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $53.00.

Braze Price Performance

BRZE stock traded up $1.48 during midday trading on Friday, hitting $38.18. 3,364,875 shares of the stock traded hands, compared to its average volume of 1,216,912. Braze has a 1-year low of $29.18 and a 1-year high of $48.33. The stock’s fifty day simple moving average is $39.80 and its 200-day simple moving average is $37.97. The firm has a market cap of $3.95 billion, a P/E ratio of -33.44 and a beta of 1.17.

Braze (NASDAQ:BRZE) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.07. The firm had revenue of $160.40 million during the quarter, compared to analyst estimates of $155.72 million. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. Braze’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) EPS. On average, research analysts predict that Braze will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Braze

In related news, insider Myles Kleeger sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $45.43, for a total transaction of $454,300.00. Following the sale, the insider now owns 184,396 shares of the company’s stock, valued at $8,377,110.28. The trade was a 5.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Phillip M. Fernandez sold 1,500 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $43.13, for a total transaction of $64,695.00. Following the completion of the sale, the director now directly owns 15,269 shares of the company’s stock, valued at $658,551.97. The trade was a 8.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,470 shares of company stock worth $3,841,921 in the last 90 days. 24.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in Braze by 12.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company’s stock valued at $16,486,000 after acquiring an additional 57,713 shares during the period. Intech Investment Management LLC bought a new stake in shares of Braze in the third quarter valued at approximately $673,000. Proficio Capital Partners LLC bought a new position in Braze during the fourth quarter worth $498,000. Holocene Advisors LP boosted its holdings in Braze by 52.7% in the 3rd quarter. Holocene Advisors LP now owns 84,383 shares of the company’s stock valued at $2,729,000 after purchasing an additional 29,123 shares during the period. Finally, Geode Capital Management LLC grew its position in Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock worth $48,428,000 after purchasing an additional 229,660 shares during the last quarter. 90.47% of the stock is owned by hedge funds and other 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.