Orion Portfolio Solutions LLC Cuts Holdings in Braze, Inc. (NASDAQ:BRZE)

Orion Portfolio Solutions LLC decreased its holdings in Braze, Inc. (NASDAQ:BRZE) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,850 shares of the company’s stock after selling 680 shares during the period. Orion Portfolio Solutions LLC’s holdings in Braze were worth $610,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BRZE. Stephens Investment Management Group LLC purchased a new position in Braze in the third quarter worth about $20,794,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Braze by 69.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock worth $48,319,000 after acquiring an additional 612,400 shares in the last quarter. Granite Investment Partners LLC purchased a new position in Braze in the second quarter worth about $12,925,000. State Street Corp grew its position in Braze by 21.5% in the third quarter. State Street Corp now owns 1,575,701 shares of the company’s stock worth $50,958,000 after acquiring an additional 279,050 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Braze during the second quarter valued at approximately $10,166,000. Hedge funds and other institutional investors own 90.47% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on BRZE shares. 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. Macquarie boosted their target price on Braze from $30.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Wells Fargo & Company dropped their target price on Braze from $65.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, November 26th. The Goldman Sachs Group dropped their target price on Braze from $65.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, TD Cowen dropped their target price on Braze from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.74.

Braze Stock Down 0.1 %

Shares of NASDAQ:BRZE opened at $44.75 on Wednesday. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -39.25 and a beta of 1.15. Braze, Inc. has a 52 week low of $29.18 and a 52 week high of $61.53. The firm has a 50 day moving average of $35.40 and a 200 day moving average of $37.32.

Insider Buying and Selling

In other news, CAO Pankaj Malik sold 3,432 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.45, for a total transaction of $118,232.40. Following the transaction, the chief accounting officer now directly owns 67,095 shares of the company’s stock, valued at approximately $2,311,422.75. This represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip M. Fernandez sold 1,500 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $42.02, for a total value of $63,030.00. Following the transaction, the director now directly owns 15,269 shares in the company, valued at approximately $641,603.38. The trade was a 8.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 124,090 shares of company stock valued at $4,118,955 over the last 90 days. Corporate 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.