Braze’s (BRZE) “Buy” Rating Reiterated at Needham & Company LLC

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

BRZE has been the topic of a number of other research reports. Citigroup upped their price target on shares of Braze from $52.00 to $58.00 and gave the company a buy rating in a research note on Friday, June 7th. Raymond James lowered their price target on Braze from $65.00 to $55.00 and set an outperform rating for the company in a research report on Friday, June 7th. Oppenheimer reissued an outperform rating and issued a $60.00 price objective on shares of Braze in a report on Wednesday, June 12th. TD Cowen dropped their target price on Braze from $65.00 to $52.00 and set a buy rating on the stock in a research report on Friday, May 31st. Finally, BTIG Research dropped their price objective on shares of Braze from $68.00 to $62.00 and set a buy rating on the stock in a report on Friday, May 31st. Seventeen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and an average target price of $60.50.

Braze Stock Down 19.4 %

Shares of Braze stock opened at $35.57 on Friday. Braze has a 52-week low of $33.93 and a 52-week high of $61.53. The firm’s 50 day moving average price is $41.21 and its 200-day moving average price is $43.01. The company has a market cap of $3.61 billion, a P/E ratio of -27.79 and a beta of 1.07.

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, topping 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 27.85% and a negative net margin of 25.06%. The business’s quarterly revenue was up 26.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.30) earnings per share. As a group, equities research analysts forecast 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 business’s stock in a transaction that occurred on Friday, June 21st. The stock was 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 $2,699,428.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, General Counsel Susan Wiseman sold 8,553 shares of Braze stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $44.31, for a total value of $378,983.43. Following the sale, the general counsel now directly owns 206,930 shares in the company, valued at approximately $9,169,068.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Pankaj Malik sold 2,618 shares of the firm’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 owns 76,623 shares in the company, valued at approximately $2,699,428.29. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 187,898 shares of company stock worth $8,081,257. 24.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Braze

Institutional investors and hedge funds have recently bought and sold shares of the business. Neo Ivy Capital Management purchased a new position in Braze in the 4th quarter worth approximately $40,000. Covestor Ltd increased its holdings in shares of Braze by 401.1% in the first quarter. Covestor Ltd now owns 922 shares of the company’s stock valued at $41,000 after purchasing an additional 738 shares during the last quarter. Comerica Bank lifted its position in Braze by 29.4% during the first quarter. Comerica Bank now owns 1,216 shares of the company’s stock worth $54,000 after buying an additional 276 shares in the last quarter. Quarry LP acquired a new position in Braze during the second quarter worth $50,000. Finally, RiverPark Advisors LLC grew its holdings in Braze by 360.9% in the 1st quarter. RiverPark Advisors LLC now owns 1,802 shares of the company’s stock valued at $80,000 after buying an additional 1,411 shares in the last quarter. 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.