Braze (NASDAQ:BRZE) Given New $50.00 Price Target at Canaccord Genuity Group

Braze (NASDAQ:BRZE) had its price target increased by Canaccord Genuity Group from $45.00 to $50.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also issued reports on BRZE. Stephens initiated coverage on shares of Braze in a research report on Wednesday, March 19th. They set an “overweight” rating and a $43.00 target price for the company. Raymond James cut their target price on shares of Braze from $48.00 to $45.00 and set an “outperform” rating for the company in a research report on Thursday, March 20th. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Braze in a research report on Monday, February 3rd. DA Davidson reiterated a “buy” rating and issued a $50.00 price objective on shares of Braze in a report on Wednesday. Finally, Stifel Nicolaus set a $50.00 price objective on Braze and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Braze has a consensus rating of “Buy” and an average target price of $53.00.

Braze Price Performance

Shares of NASDAQ:BRZE opened at $37.51 on Friday. The firm has a fifty day moving average price of $39.66 and a two-hundred day moving average price of $37.98. The company has a market cap of $3.88 billion, a price-to-earnings ratio of -32.90 and a beta of 1.17. Braze has a one year low of $29.18 and a one year high of $48.33.

Braze (NASDAQ:BRZE) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.07. The company had revenue of $160.40 million for the quarter, compared to the consensus estimate of $155.72 million. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. The firm’s revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) earnings per share. Equities research analysts expect that Braze will post -0.98 EPS for the current fiscal year.

Insider Activity at Braze

In other news, insider Myles Kleeger sold 8,365 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $40.12, for a total value of $335,603.80. Following the completion of the sale, the insider now directly owns 168,882 shares of the company’s stock, valued at approximately $6,775,545.84. This trade represents a 4.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Susan Wiseman sold 14,000 shares of Braze stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $45.52, for a total transaction of $637,280.00. Following the sale, the general counsel now directly owns 199,520 shares in the company, valued at $9,082,150.40. The trade was a 6.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,470 shares of company stock worth $3,841,921 in the last 90 days. Company insiders own 24.03% of the company’s stock.

Institutional Trading of Braze

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Braze by 12.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company’s stock worth $16,486,000 after acquiring an additional 57,713 shares during the period. Intech Investment Management LLC bought a new stake in shares of Braze during the third quarter valued at approximately $673,000. Proficio Capital Partners LLC purchased a new stake in Braze in the fourth quarter worth $498,000. Holocene Advisors LP raised its holdings in Braze by 52.7% in the third quarter. Holocene Advisors LP now owns 84,383 shares of the company’s stock worth $2,729,000 after purchasing an additional 29,123 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Braze by 18.1% during the third quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock valued at $48,428,000 after buying an additional 229,660 shares during the period. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

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.