Braze (NASDAQ:BRZE) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Braze (NASDAQ:BRZE) in a report released on Friday, Benzinga reports. Needham & Company LLC currently has a $70.00 price target on the stock.

Several other research analysts also recently weighed in on the company. BTIG Research dropped their target price on Braze from $68.00 to $62.00 and set a buy rating on the stock in a research note on Friday, May 31st. JMP Securities restated a market outperform rating and set a $68.00 price objective on shares of Braze in a report on Friday, June 7th. Barclays lowered their target price on shares of Braze from $80.00 to $70.00 and set an overweight rating for the company in a research note on Monday, August 26th. TD Cowen cut their price target on shares of Braze from $65.00 to $52.00 and set a buy rating on the stock in a research note on Friday, May 31st. Finally, Canaccord Genuity Group lifted their price objective on shares of Braze from $50.00 to $53.00 and gave the stock a buy rating in a research note on Friday, June 7th. Seventeen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $60.50.

Braze Stock Performance

BRZE stock opened at $36.28 on Friday. Braze has a one year low of $33.93 and a one year high of $61.53. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of -28.34 and a beta of 1.07. The firm has a 50-day simple moving average of $41.14 and a two-hundred day simple moving average of $42.68.

Braze (NASDAQ:BRZE) last posted its earnings results on Thursday, September 5th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 26.10%. The company had revenue of $145.50 million during the quarter, compared to analysts’ expectations of $141.32 million. During the same quarter in the prior year, the company posted ($0.30) earnings per share. Braze’s revenue for the quarter was up 26.4% compared to the same quarter last year. As a group, equities analysts predict that Braze will post -1.21 earnings per share for the current fiscal year.

Insider Transactions at Braze

In related news, CAO Pankaj Malik sold 2,618 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $35.23, for a total value of $92,232.14. Following the completion of the transaction, the chief accounting officer now directly owns 76,623 shares in the company, valued at approximately $2,699,428.29. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, General Counsel Susan Wiseman sold 3,447 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $44.00, for a total transaction of $151,668.00. Following the completion of the transaction, the general counsel now directly owns 206,930 shares of the company’s stock, valued at approximately $9,104,920. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Pankaj Malik sold 2,618 shares of Braze stock in a transaction on Friday, June 21st. The shares were sold at an average price of $35.23, for a total transaction of $92,232.14. Following the completion of the sale, the chief accounting officer now directly owns 76,623 shares in the company, valued at approximately $2,699,428.29. The disclosure for this sale can be found here. Insiders have sold 191,345 shares of company stock worth $8,232,925 over the last quarter. 24.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Braze

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position 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 valued at $261,146,000 after purchasing an additional 148,366 shares during the period. Champlain Investment Partners LLC boosted its holdings in Braze by 6.6% in the 1st quarter. Champlain Investment Partners LLC now owns 2,084,805 shares of the company’s stock worth $92,357,000 after buying an additional 128,645 shares during the last quarter. 1832 Asset Management L.P. increased its stake in Braze by 537.4% during the 4th quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock worth $81,135,000 after buying an additional 1,287,500 shares in the last quarter. Fiera Capital Corp raised its holdings in shares of Braze by 1.0% during the second quarter. Fiera Capital Corp now owns 780,630 shares of the company’s stock valued at $30,320,000 after acquiring an additional 7,570 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Braze in the fourth quarter valued at approximately $37,584,000. 90.47% of the stock is currently owned by institutional investors and hedge funds.

Braze Company Profile

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.