Renaissance Technologies LLC Has $3.16 Million Stock Position in Braze, Inc. (NASDAQ:BRZE)

Renaissance Technologies LLC lessened its holdings in shares of Braze, Inc. (NASDAQ:BRZE) by 64.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 75,348 shares of the company’s stock after selling 139,352 shares during the quarter. Renaissance Technologies LLC’s holdings in Braze were worth $3,156,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BRZE. Vanguard Group Inc. increased its holdings in shares of Braze by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company’s stock worth $354,479,000 after acquiring an additional 1,476,423 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Braze by 27.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,309,244 shares of the company’s stock worth $96,711,000 after purchasing an additional 500,667 shares in the last quarter. Invesco Ltd. raised its holdings in Braze by 107.0% during the 4th quarter. Invesco Ltd. now owns 1,963,841 shares of the company’s stock worth $82,246,000 after buying an additional 1,015,007 shares during the period. Geode Capital Management LLC lifted its stake in Braze by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 1,535,965 shares of the company’s stock valued at $64,340,000 after buying an additional 38,777 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Braze in the fourth quarter valued at approximately $62,639,000. 90.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BRZE has been the topic of several research reports. Piper Sandler cut their price objective on shares of Braze from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their price target on Braze from $55.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday. Stifel Nicolaus set a $50.00 price objective on Braze and gave the stock a “buy” rating in a report on Friday, March 28th. Raymond James boosted their target price on Braze from $45.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, March 28th. Finally, DA Davidson decreased their price target on shares of Braze from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, April 14th. One analyst has rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $51.25.

Insider Buying and Selling

In other news, CEO William Magnuson sold 18,050 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $40.82, for a total value of $736,801.00. Following the completion of the sale, the chief executive officer now owns 564,766 shares of the company’s stock, valued at approximately $23,053,748.12. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Pankaj Malik sold 2,585 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total transaction of $105,519.70. Following the transaction, the chief accounting officer now directly owns 52,199 shares in the company, valued at approximately $2,130,763.18. This represents a 4.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,937 shares of company stock valued at $2,707,581. Insiders own 24.03% of the company’s stock.

Braze Trading Up 1.5 %

BRZE stock opened at $28.34 on Thursday. Braze, Inc. has a 1-year low of $27.45 and a 1-year high of $48.33. The business’s 50 day simple moving average is $34.43 and its 200 day simple moving average is $37.54. The firm has a market capitalization of $2.97 billion, a PE ratio of -24.86 and a beta of 1.13.

Braze (NASDAQ:BRZE) last posted its earnings results 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. Braze had a negative net margin of 20.41% and a negative return on equity of 24.88%. The company had revenue of $160.40 million during the quarter, compared to analysts’ expectations of $155.72 million. During the same quarter last year, the company posted ($0.04) EPS. Braze’s quarterly revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts predict that Braze, Inc. will post -0.98 EPS for the current fiscal year.

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.