Braze (NASDAQ:BRZE) Receives Buy Rating from DA Davidson

DA Davidson reiterated their buy rating on shares of Braze (NASDAQ:BRZE) in a report released on Wednesday morning,Benzinga reports. DA Davidson currently has a $50.00 target price on the stock.

BRZE has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Braze in a research note on Monday, February 3rd. Macquarie boosted their price objective on shares of Braze from $30.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Wells Fargo & Company decreased their target price on shares of Braze from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Braze in a research report on Thursday, December 19th. Finally, Raymond James lowered their price objective on Braze from $48.00 to $45.00 and set an “outperform” rating for the company in a research report on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $52.05.

Braze Stock Down 4.6 %

Braze stock opened at $37.33 on Wednesday. The firm has a market cap of $3.86 billion, a P/E ratio of -32.75 and a beta of 1.17. The business has a fifty day moving average of $39.94 and a two-hundred day moving average of $37.98. Braze has a twelve month low of $29.18 and a twelve month high of $50.84.

Insider Activity

In related news, CAO Pankaj Malik sold 3,700 shares of Braze stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $45.77, for a total transaction of $169,349.00. Following the completion of the transaction, the chief accounting officer now directly owns 54,784 shares in the company, valued at approximately $2,507,463.68. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jonathan Hyman sold 5,210 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total value of $212,672.20. Following the completion of the sale, the chief technology officer now owns 157,810 shares in the company, valued at approximately $6,441,804.20. This represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,470 shares of company stock valued at $3,841,921 in the last quarter. 24.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BRZE. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Braze by 14.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 25,083 shares of the company’s stock valued at $811,000 after acquiring an additional 3,180 shares during the period. Intech Investment Management LLC acquired a new stake in Braze in the third quarter valued at approximately $673,000. Charles Schwab Investment Management Inc. increased its position in shares of Braze by 12.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company’s stock valued at $16,486,000 after buying an additional 57,713 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Braze by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 36,344 shares of the company’s stock worth $1,175,000 after buying an additional 1,751 shares during the period. Finally, FMR LLC lifted its position in shares of Braze by 393.1% during the 3rd quarter. FMR LLC now owns 11,829 shares of the company’s stock valued at $383,000 after buying an additional 9,430 shares in the last quarter. 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.