Braze (NASDAQ:BRZE) Receives “Market Outperform” Rating from JMP Securities

JMP Securities reissued their market outperform rating on shares of Braze (NASDAQ:BRZE) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $68.00 price objective on the stock.

A number of other research firms also recently weighed in on BRZE. Barclays dropped their price target on Braze from $80.00 to $70.00 and set an overweight rating on the stock in a research note on Monday, August 26th. Raymond James dropped their price objective on shares of Braze from $65.00 to $55.00 and set an outperform rating on the stock in a research note on Friday, June 7th. Piper Sandler reaffirmed an overweight rating and issued a $51.00 price target on shares of Braze in a research report on Friday. Citigroup increased their price objective on Braze from $52.00 to $58.00 and gave the stock a buy rating in a research note on Friday, June 7th. Finally, Scotiabank upgraded Braze from a sector perform rating to a sector outperform rating and upped their price target for the stock from $48.00 to $56.00 in a report on Wednesday, July 10th. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of Buy and an average target price of $60.50.

Braze Stock Down 19.4 %

BRZE opened at $35.57 on Friday. The stock has a market cap of $3.61 billion, a PE ratio of -27.79 and a beta of 1.07. The company has a fifty day moving average of $41.21 and a 200-day moving average of $43.01. Braze has a twelve month low of $33.93 and a twelve month high of $61.53.

Braze (NASDAQ:BRZE) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.12. The firm had revenue of $145.50 million for the quarter, compared to analyst estimates of $141.32 million. Braze had a negative return on equity of 27.85% and a negative net margin of 25.06%. The company’s revenue was up 26.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.30) earnings per share. Sell-side analysts anticipate that Braze will post -1.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Pankaj Malik sold 2,618 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $35.23, for a total value of $92,232.14. Following the sale, the chief accounting officer now directly owns 76,623 shares of the company’s stock, valued at $2,699,428.29. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, General Counsel Susan Wiseman sold 3,558 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $38.41, for a total transaction of $136,662.78. Following the completion of the transaction, the general counsel now directly owns 221,840 shares in the company, valued at $8,520,874.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Pankaj Malik sold 2,618 shares of the firm’s stock in a transaction dated 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 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 sold a total of 187,898 shares of company stock worth $8,081,257 in the last quarter. 24.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On Braze

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. 1832 Asset Management L.P. boosted its holdings 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 worth $81,135,000 after purchasing an additional 1,287,500 shares in the last quarter. Norges Bank bought a new stake in shares of Braze in the 4th quarter worth approximately $37,584,000. Fiera Capital Corp bought a new stake in shares of Braze in the 4th quarter worth approximately $31,153,000. Vanguard Group Inc. boosted its stake in shares of Braze by 9.1% in the 4th quarter. Vanguard Group Inc. now owns 5,746,572 shares of the company’s stock valued at $305,315,000 after purchasing an additional 480,179 shares in the last quarter. Finally, Granite Investment Partners LLC bought a new position in shares of Braze during the 2nd quarter valued at $12,925,000. 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.