Citigroup Forecasts Strong Price Appreciation for Braze (NASDAQ:BRZE) Stock

Braze (NASDAQ:BRZE) had its target price lifted by research analysts at Citigroup from $47.00 to $51.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 21.40% from the stock’s previous close.

A number of other research firms also recently issued reports on BRZE. Macquarie increased their price objective on shares of Braze from $30.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday. DA Davidson dropped their price objective on shares of Braze from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday. Loop Capital reiterated a “buy” rating and set a $75.00 price objective on shares of Braze in a research note on Tuesday, September 24th. Piper Sandler increased their price objective on shares of Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, JMP Securities reissued a “market outperform” rating and set a $68.00 target price on shares of Braze in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, Braze presently has a consensus rating of “Moderate Buy” and an average price target of $53.74.

Braze Price Performance

Shares of BRZE stock opened at $42.01 on Wednesday. The company’s 50-day simple moving average is $34.90 and its two-hundred day simple moving average is $37.32. Braze has a one year low of $29.18 and a one year high of $61.53. The company has a market capitalization of $4.32 billion, a P/E ratio of -36.85 and a beta of 1.15.

Insider Transactions at Braze

In related news, CEO William Magnuson sold 17,933 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 transaction of $617,791.85. Following the sale, the chief executive officer now owns 582,816 shares in the company, valued at approximately $20,078,011.20. This trade represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Roger H. Lee sold 56,830 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $30.27, for a total transaction of $1,720,244.10. Following the sale, the insider now 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. Insiders have sold 113,979 shares of company stock worth $3,688,914 over the last 90 days. 24.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Braze

Several hedge funds and other institutional investors have recently modified their holdings of BRZE. Quarry LP purchased a new position in shares of Braze in the second quarter worth about $50,000. Comerica Bank lifted its stake in shares of Braze by 29.4% in 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. KBC Group NV lifted its stake in shares of Braze by 41.5% in the third quarter. KBC Group NV now owns 2,097 shares of the company’s stock worth $68,000 after buying an additional 615 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Braze by 18.9% in the third quarter. Amalgamated Bank now owns 2,253 shares of the company’s stock worth $73,000 after buying an additional 358 shares in the last quarter. Finally, Canton Hathaway LLC lifted its stake in shares of Braze by 149.9% in the second quarter. Canton Hathaway LLC now owns 1,979 shares of the company’s stock worth $77,000 after buying an additional 1,187 shares in the last quarter. 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.