Braze (NASDAQ:BRZE) Price Target Cut to $58.00 by Analysts at Scotiabank

Braze (NASDAQ:BRZE) had its target price decreased by equities researchers at Scotiabank from $65.00 to $58.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price target suggests a potential upside of 27.00% from the company’s current price.

BRZE has been the topic of a number of other reports. UBS Group upgraded shares of Braze from a “neutral” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Thursday, March 21st. JPMorgan Chase & Co. cut their target price on shares of Braze from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday. Canaccord Genuity Group cut their price target on shares of Braze from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday. Raymond James lifted their price target on shares of Braze from $52.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, December 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price target on shares of Braze in a report on Thursday. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $64.47.

Braze Stock Performance

BRZE traded down $4.91 on Thursday, reaching $45.67. The company had a trading volume of 2,213,091 shares, compared to its average volume of 748,391. The business has a 50 day simple moving average of $55.05 and a 200 day simple moving average of $51.24. The company has a market cap of $4.56 billion, a price-to-earnings ratio of -32.93 and a beta of 1.21. Braze has a 52-week low of $25.76 and a 52-week high of $61.53.

Insider Activity at Braze

In related news, CEO William Magnuson sold 11,874 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $57.51, for a total transaction of $682,873.74. Following the sale, the chief executive officer now owns 636,514 shares in the company, valued at approximately $36,605,920.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Braze news, CEO William Magnuson sold 11,874 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 $682,873.74. Following the transaction, the chief executive officer now owns 636,514 shares of the company’s stock, valued at approximately $36,605,920.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Pankaj Malik sold 1,000 shares of the stock in a transaction on Friday, January 12th. The stock was sold at an average price of $53.73, for a total value of $53,730.00. Following the transaction, the chief accounting officer now directly owns 77,853 shares in the company, valued at approximately $4,183,041.69. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,471 shares of company stock worth $4,196,153. Company insiders own 26.48% of the company’s stock.

Institutional Investors Weigh In On Braze

A number of institutional investors have recently added to or reduced their stakes in BRZE. Fred Alger Management LLC bought a new stake in Braze during the third quarter valued at about $29,000. BluePath Capital Management LLC purchased a new stake in Braze in the third quarter valued at about $31,000. Neo Ivy Capital Management purchased a new stake in Braze in the fourth quarter valued at about $40,000. Royal Bank of Canada raised its stake in Braze by 189.3% in the third quarter. Royal Bank of Canada now owns 1,160 shares of the company’s stock valued at $40,000 after buying an additional 759 shares during the last quarter. Finally, Canton Hathaway LLC purchased a new stake in Braze in the fourth quarter valued at about $42,000. Institutional investors own 90.47% of the company’s stock.

Braze Company Profile

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.