Braze (NASDAQ:BRZE) Earns “Buy” Rating from Needham & Company LLC

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports. They currently have a $70.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 102.17% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Oppenheimer restated an “outperform” rating and issued a $60.00 price target on shares of Braze in a report on Wednesday, June 12th. Barclays lowered their target price on shares of Braze from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. BTIG Research reduced their price target on Braze from $68.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Canaccord Genuity Group raised their price objective on Braze from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Finally, Raymond James reduced their target price on Braze from $65.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, June 7th. Seventeen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $60.50.

Braze Stock Performance

NASDAQ BRZE opened at $34.63 on Tuesday. The company has a market cap of $3.52 billion, a PE ratio of -27.05 and a beta of 1.07. Braze has a 52-week low of $33.24 and a 52-week high of $61.53. The firm’s 50 day moving average price is $40.38 and its 200-day moving average price is $41.22.

Braze (NASDAQ:BRZE) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) 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%. The business’s revenue was up 26.4% compared to the same quarter last year. During the same period last year, the business posted ($0.30) EPS. On average, analysts forecast that Braze will post -1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Braze news, CAO Pankaj Malik sold 2,262 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $38.14, for a total value of $86,272.68. Following the sale, the chief accounting officer now directly owns 74,361 shares of the company’s stock, valued at $2,836,128.54. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Isabelle Winkles sold 4,500 shares of Braze stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $39.06, for a total transaction of $175,770.00. Following the completion of the transaction, the chief financial officer now directly owns 242,627 shares in the company, valued at $9,477,010.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Pankaj Malik sold 2,262 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $38.14, for a total value of $86,272.68. Following the completion of the transaction, the chief accounting officer now directly owns 74,361 shares of the company’s stock, valued at $2,836,128.54. The disclosure for this sale can be found here. Insiders sold a total of 188,727 shares of company stock valued at $8,140,693 over the last 90 days. Insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Several institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in Braze during the second quarter worth $10,166,000. Quarry LP acquired a new position in shares of Braze in the second quarter worth about $50,000. Creative Planning boosted its stake in shares of Braze by 1.7% during the 2nd quarter. Creative Planning now owns 23,121 shares of the company’s stock worth $898,000 after acquiring an additional 384 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Braze during the 2nd quarter valued at about $2,376,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of Braze during the 2nd quarter valued at about $971,000. 90.47% of the stock is owned by hedge funds and other 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.