Macquarie Begins Coverage on Braze (NASDAQ:BRZE)

Analysts at Macquarie started coverage on shares of Braze (NASDAQ:BRZE) in a report released on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $30.00 price target on the stock. Macquarie’s price target points to a potential downside of 5.27% from the company’s previous close.

A number of other research analysts also recently commented on BRZE. Scotiabank upgraded Braze from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $48.00 to $56.00 in a research note on Wednesday, July 10th. Stifel Nicolaus began coverage on shares of Braze in a research report on Tuesday, October 22nd. They set a “buy” rating and a $37.00 price target for the company. Piper Sandler dropped their price objective on shares of Braze from $51.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. TD Cowen reduced their target price on shares of Braze from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. Finally, JMP Securities restated a “market outperform” rating and issued a $68.00 price target on shares of Braze in a research note on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.32.

Braze Stock Performance

NASDAQ BRZE opened at $31.67 on Thursday. Braze has a one year low of $29.18 and a one year high of $61.53. The company has a 50-day simple moving average of $34.89 and a 200-day simple moving average of $38.10. The firm has a market capitalization of $3.25 billion, a PE ratio of -26.84 and a beta of 1.03.

Braze (NASDAQ:BRZE) last issued its earnings results on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.12. The firm had revenue of $145.50 million for the quarter, compared to analysts’ expectations of $141.32 million. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. Braze’s revenue was up 26.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.30) earnings per share. Equities analysts forecast that Braze will post -1.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Fernando Machado sold 1,377 shares of Braze stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $30.65, for a total value of $42,205.05. Following the transaction, the director now owns 8,937 shares of the company’s stock, valued at $273,919.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, major shareholder Roger H. Lee sold 56,830 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $30.27, for a total value of $1,720,244.10. Following the completion of the sale, the insider now owns 56,830 shares in the company, valued at approximately $1,720,244.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fernando Machado sold 1,377 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $30.65, for a total transaction of $42,205.05. Following the sale, the director now directly owns 8,937 shares in the company, valued at approximately $273,919.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,658 shares of company stock worth $7,980,396. 24.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd grew its stake in Braze by 401.1% during the 1st quarter. Covestor Ltd now owns 922 shares of the company’s stock valued at $41,000 after acquiring an additional 738 shares in the last quarter. Quarry LP acquired a new stake in shares of Braze during the second quarter worth approximately $50,000. Comerica Bank increased its stake in Braze by 29.4% in the 1st quarter. Comerica Bank now owns 1,216 shares of the company’s stock valued at $54,000 after buying an additional 276 shares during the period. Amalgamated Bank lifted its position in Braze by 18.9% in the 3rd quarter. Amalgamated Bank now owns 2,253 shares of the company’s stock worth $73,000 after buying an additional 358 shares in the last quarter. Finally, Canton Hathaway LLC boosted its stake in shares of Braze by 149.9% during the 2nd quarter. Canton Hathaway LLC now owns 1,979 shares of the company’s stock valued at $77,000 after buying an additional 1,187 shares during the period. Hedge funds and other institutional investors own 90.47% of the company’s stock.

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.