Wells Fargo & Company Cuts Braze (NASDAQ:BRZE) Price Target to $55.00

Braze (NASDAQ:BRZE) had its price objective reduced by Wells Fargo & Company from $65.00 to $55.00 in a research note issued to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages also recently commented on BRZE. Piper Sandler lowered their price objective on shares of Braze from $51.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price target on shares of Braze from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. TD Cowen cut their price objective on Braze from $52.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. Barclays lowered their target price on Braze from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Monday, August 26th. Finally, DA Davidson cut their price target on Braze from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Braze presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.95.

Braze Stock Performance

Braze stock opened at $38.82 on Tuesday. Braze has a 52 week low of $29.18 and a 52 week high of $61.53. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -32.90 and a beta of 1.03. The company has a 50 day moving average price of $33.22 and a 200 day moving average price of $37.38.

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

Insider Buying and Selling

In other Braze news, Director Fernando Machado sold 1,377 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 8,937 shares in the company, valued at $273,919.05. This trade represents a 13.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Roger H. Lee sold 56,830 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $30.27, for a total transaction of $1,720,244.10. Following the transaction, the insider now directly owns 56,830 shares of the company’s stock, valued at $1,720,244.10. This represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,479 shares of company stock valued at $4,414,911. Insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Braze by 2.6% during 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. State Street Corp boosted its stake in Braze by 21.5% during the third quarter. State Street Corp now owns 1,575,701 shares of the company’s stock worth $50,958,000 after buying an additional 279,050 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock valued at $48,428,000 after buying an additional 229,660 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Braze by 69.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock worth $48,319,000 after acquiring an additional 612,400 shares during the period. Finally, Fiera Capital Corp boosted its position in shares of Braze by 1.0% during the 2nd 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 in the last quarter. 90.47% of the stock is currently owned by institutional investors.

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.