Advisors Asset Management Inc. Sells 503 Shares of Braze, Inc. (NASDAQ:BRZE)

Advisors Asset Management Inc. lowered its position in Braze, Inc. (NASDAQ:BRZE) by 24.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,548 shares of the company’s stock after selling 503 shares during the period. Advisors Asset Management Inc.’s holdings in Braze were worth $50,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fiera Capital Corp increased its holdings in 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 purchasing an additional 7,570 shares in the last quarter. Stephens Investment Management Group LLC bought a new stake in shares of Braze during the third quarter worth $20,794,000. Bank of New York Mellon Corp increased its stake in shares of Braze by 18.3% in the second quarter. Bank of New York Mellon Corp now owns 477,699 shares of the company’s stock valued at $18,554,000 after buying an additional 73,764 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Braze by 5.0% in the third quarter. Victory Capital Management Inc. now owns 411,544 shares of the company’s stock valued at $13,309,000 after buying an additional 19,567 shares during the last quarter. Finally, WCM Investment Management LLC lifted its position in Braze by 14.4% during the 3rd quarter. WCM Investment Management LLC now owns 398,022 shares of the company’s stock worth $13,222,000 after buying an additional 50,113 shares in the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. DA Davidson lowered their price objective on shares of Braze from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. The Goldman Sachs Group dropped their price objective on shares of Braze from $65.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price objective on shares of Braze in a research report on Tuesday, September 24th. Loop Capital restated a “buy” rating and set a $75.00 target price on shares of Braze in a research report on Tuesday, September 24th. Finally, Piper Sandler cut their price target on Braze from $51.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. One analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.95.

Braze Price Performance

NASDAQ:BRZE opened at $39.72 on Friday. The business’s 50-day simple moving average is $33.34 and its 200-day simple moving average is $37.38. Braze, Inc. has a fifty-two week low of $29.18 and a fifty-two week high of $61.53. The stock has a market capitalization of $4.08 billion, a PE ratio of -33.66 and a beta of 1.03.

Braze (NASDAQ:BRZE) last announced 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. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The firm had revenue of $145.50 million for the quarter, compared to analyst estimates of $141.32 million. During the same quarter in the previous year, the firm posted ($0.30) earnings per share. The business’s revenue was up 26.4% on a year-over-year basis. On average, research analysts expect that Braze, Inc. will post -1.02 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Myles Kleeger sold 9,225 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.45, for a total value of $317,801.25. Following the completion of the transaction, the insider now owns 190,738 shares of the company’s stock, valued at approximately $6,570,924.10. This trade represents a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Roger H. Lee sold 56,830 shares of Braze stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $30.27, for a total value of $1,720,244.10. Following the completion of the sale, the insider now directly owns 56,830 shares in the company, valued at approximately $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 ninety days, insiders sold 130,479 shares of company stock valued at $4,414,911. Company insiders own 24.03% 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.