Braze’s (BRZE) Outperform Rating Reaffirmed at William Blair

William Blair reiterated their outperform rating on shares of Braze (NASDAQ:BRZE) in a research note released on Thursday, RTT News reports.

Several other equities analysts have also issued reports on the company. UBS Group upgraded Braze from a neutral rating to a buy rating and set a $62.00 price objective for the company in a research report on Thursday, March 21st. Needham & Company LLC upped their price target on Braze from $60.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, December 7th. Canaccord Genuity Group upped their price target on Braze from $55.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, December 7th. The Goldman Sachs Group upped their price target on Braze from $55.00 to $63.00 and gave the stock a buy rating in a research report on Thursday, December 7th. Finally, Piper Sandler upped their price target on Braze from $57.00 to $66.00 and gave the stock an overweight rating in a research report on Thursday, December 7th. One investment analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $64.29.

Braze Stock Performance

Shares of BRZE opened at $44.30 on Thursday. The stock has a 50 day simple moving average of $54.88 and a 200 day simple moving average of $51.19. Braze has a 52-week low of $25.76 and a 52-week high of $61.53. The firm has a market capitalization of $4.42 billion, a PE ratio of -31.87 and a beta of 1.21.

Insider Activity

In related news, insider Myles Kleeger sold 15,000 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $49.78, for a total value of $746,700.00. Following the sale, the insider now owns 171,709 shares in the company, valued at approximately $8,547,674.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Myles Kleeger sold 15,000 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $49.78, for a total value of $746,700.00. Following the sale, the insider now owns 171,709 shares in the company, valued at approximately $8,547,674.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Pankaj Malik sold 1,000 shares of the stock in a transaction on Friday, January 12th. The shares were sold at an average price of $53.73, for a total value of $53,730.00. Following the completion of the sale, the chief accounting officer now owns 77,853 shares in the company, valued at approximately $4,183,041.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,471 shares of company stock valued at $4,196,153. 26.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Fred Alger Management LLC bought a new position in Braze during the 3rd quarter worth $29,000. BluePath Capital Management LLC bought a new position in Braze during the 3rd quarter worth $31,000. Neo Ivy Capital Management bought a new position in shares of Braze in the fourth quarter worth $40,000. Canton Hathaway LLC bought a new position in shares of Braze in the fourth quarter worth $42,000. Finally, Comerica Bank increased its position in shares of Braze by 377.2% in the fourth quarter. Comerica Bank now owns 940 shares of the company’s stock worth $50,000 after purchasing an additional 743 shares during the period. Institutional investors own 90.47% 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 data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.