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

Braze (NASDAQ:BRZE) had its price objective reduced by Canaccord Genuity Group from $65.00 to $50.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on BRZE. William Blair restated an outperform rating on shares of Braze in a report on Thursday, March 28th. JPMorgan Chase & Co. cut their price objective on shares of Braze from $60.00 to $58.00 and set an overweight rating on the stock in a report on Thursday, March 28th. UBS Group upgraded shares of Braze from a neutral rating to a buy rating and set a $62.00 price objective on the stock in a report on Thursday, March 21st. Scotiabank cut their price objective on shares of Braze from $65.00 to $58.00 and set a sector perform rating on the stock in a report on Thursday, March 28th. Finally, Raymond James cut their price objective on shares of Braze from $75.00 to $65.00 and set an outperform rating on the stock in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $63.41.

Braze Stock Performance

Shares of BRZE opened at $39.68 on Monday. The stock has a market capitalization of $4.00 billion, a P/E ratio of -29.83 and a beta of 1.13. The company’s fifty day moving average is $50.00 and its two-hundred day moving average is $50.74. Braze has a 1 year low of $25.76 and a 1 year high of $61.53.

Braze (NASDAQ:BRZE) last announced its quarterly earnings data on Wednesday, March 27th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.02. Braze had a negative net margin of 27.44% and a negative return on equity of 28.24%. The company had revenue of $130.96 million for the quarter, compared to analysts’ expectations of $124.55 million. Sell-side analysts predict that Braze will post -1.18 EPS for the current year.

Insider Activity

In other news, Director Phillip M. Fernandez sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $41.79, for a total value of $62,685.00. Following the completion of the transaction, the director now directly owns 11,056 shares in the company, valued at $462,030.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $41.79, for a total transaction of $62,685.00. Following the transaction, the director now directly owns 11,056 shares in the company, valued at approximately $462,030.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Fernando Machado sold 2,361 shares of Braze stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $42.46, for a total transaction of $100,248.06. Following the completion of the transaction, the director now directly owns 6,101 shares of the company’s stock, valued at $259,048.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,815 shares of company stock worth $4,164,679. 26.48% of the stock is currently owned by company insiders.

Institutional Trading of Braze

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. 1832 Asset Management L.P. grew its stake in Braze by 537.4% during the 4th quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock worth $81,135,000 after buying an additional 1,287,500 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Braze by 20.1% during the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock valued at $251,769,000 after acquiring an additional 899,894 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Braze by 180.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company’s stock valued at $60,053,000 after acquiring an additional 826,100 shares during the period. Invesco Ltd. boosted its holdings in shares of Braze by 167.5% during the third quarter. Invesco Ltd. now owns 1,293,974 shares of the company’s stock valued at $60,467,000 after acquiring an additional 810,295 shares during the period. Finally, Norges Bank acquired a new position in shares of Braze during the fourth quarter valued at $37,584,000. 90.47% of the stock is currently owned by institutional investors and hedge funds.

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.