Braze (NASDAQ:BRZE) Price Target Cut to $50.00

Braze (NASDAQ:BRZE) had its target price lowered by Canaccord Genuity Group from $65.00 to $50.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 22.58% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. William Blair reissued an “outperform” rating on shares of Braze in a research report on Thursday, March 28th. TD Cowen lowered their price target on Braze from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, March 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Braze in a research report on Thursday, March 28th. DA Davidson reaffirmed a “buy” rating and issued a $65.00 target price on shares of Braze in a research report on Monday, March 25th. Finally, Scotiabank decreased their target price on Braze from $65.00 to $58.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 28th. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.41.

Braze Stock Performance

BRZE opened at $40.79 on Monday. The business’s 50-day simple moving average is $49.67 and its 200 day simple moving average is $50.69. The firm has a market capitalization of $4.11 billion, a PE ratio of -30.67 and a beta of 1.14. Braze has a 52-week low of $25.76 and a 52-week high of $61.53.

Braze (NASDAQ:BRZE) last announced its quarterly earnings results on Wednesday, March 27th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.02. The firm had revenue of $130.96 million for the quarter, compared to the consensus estimate of $124.55 million. Braze had a negative return on equity of 28.24% and a negative net margin of 27.44%. On average, research analysts forecast that Braze will post -1.18 earnings per share for the current year.

Insider Activity at Braze

In related news, Director Fernando Machado sold 2,361 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $42.46, for a total value of $100,248.06. Following the completion of the sale, the director now directly owns 6,101 shares in the company, valued at $259,048.46. The sale was disclosed in a filing with the SEC, which is available at this link. In other Braze news, Director Fernando Machado sold 2,361 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $42.46, for a total transaction of $100,248.06. Following the completion of the sale, the director now directly owns 6,101 shares in the company, valued at $259,048.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Isabelle Winkles sold 5,489 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $57.51, for a total value of $315,672.39. Following the sale, the chief financial officer now owns 282,564 shares of the company’s stock, valued at $16,250,255.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,815 shares of company stock worth $4,164,679. Company insiders own 26.48% of the company’s stock.

Institutional Investors Weigh In On Braze

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Braze by 9.1% during the fourth quarter. Vanguard Group Inc. now owns 5,746,572 shares of the company’s stock worth $305,315,000 after purchasing an additional 480,179 shares during the last quarter. Morgan Stanley lifted its stake in Braze by 20.1% during the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock worth $251,769,000 after purchasing an additional 899,894 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Braze by 537.4% in the 4th quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock valued at $81,135,000 after acquiring an additional 1,287,500 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Braze by 167.5% in the 3rd quarter. Invesco Ltd. now owns 1,293,974 shares of the company’s stock valued at $60,467,000 after acquiring an additional 810,295 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Braze by 180.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company’s stock valued at $60,053,000 after acquiring an additional 826,100 shares during the last quarter. 90.47% of the stock is currently 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.