Braze (NASDAQ:BRZE) Rating Reiterated by Needham & Company LLC

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They presently have a $70.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 116.32% from the company’s previous close.

Other research analysts have also recently issued reports about the company. DA Davidson reaffirmed a “buy” rating and set a $65.00 price objective on shares of Braze in a research note on Friday, September 6th. Oppenheimer restated an “outperform” rating and set a $60.00 price target on shares of Braze in a research report on Wednesday, June 12th. Canaccord Genuity Group boosted their price objective on Braze from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, June 7th. Barclays cut their target price on shares of Braze from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Monday, August 26th. Finally, Citigroup upped their price target on shares of Braze from $52.00 to $58.00 and gave the company a “buy” rating in a report on Friday, June 7th. Eighteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $59.18.

Braze Trading Down 0.9 %

Shares of Braze stock opened at $32.36 on Tuesday. The business’s 50-day moving average price is $40.02 and its 200-day moving average price is $41.01. The firm has a market capitalization of $3.29 billion, a PE ratio of -25.28 and a beta of 1.07. Braze has a 12 month low of $31.80 and a 12 month high of $61.53.

Braze (NASDAQ:BRZE) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The firm had revenue of $145.50 million for the quarter, compared to the consensus estimate of $141.32 million. During the same period last year, the firm posted ($0.30) earnings per share. The business’s revenue was up 26.4% compared to the same quarter last year. As a group, analysts predict that Braze will post -1.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Braze news, CAO Pankaj Malik sold 1,381 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $41.12, for a total transaction of $56,786.72. Following the transaction, the chief accounting officer now owns 72,980 shares in the company, valued at approximately $3,000,937.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Braze news, CAO Pankaj Malik sold 1,381 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $41.12, for a total transaction of $56,786.72. Following the completion of the transaction, the chief accounting officer now owns 72,980 shares of the company’s stock, valued at $3,000,937.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Susan Wiseman sold 3,558 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $38.41, for a total transaction of $136,662.78. Following the completion of the sale, the general counsel now directly owns 221,840 shares in the company, valued at $8,520,874.40. The disclosure for this sale can be found here. Insiders sold 188,727 shares of company stock worth $8,140,693 over the last three months. Company insiders own 24.03% of the company’s stock.

Institutional Trading of Braze

A number of hedge funds have recently made changes to their positions in BRZE. Principal Financial Group Inc. boosted its holdings in Braze by 24.9% in the fourth quarter. Principal Financial Group Inc. now owns 116,989 shares of the company’s stock worth $6,216,000 after acquiring an additional 23,322 shares in the last quarter. Norges Bank bought a new position in Braze in the 4th quarter worth about $37,584,000. Assetmark Inc. purchased a new stake in Braze during the 4th quarter valued at about $580,000. US Bancorp DE increased its stake in Braze by 2,518.1% during the 4th quarter. US Bancorp DE now owns 11,729 shares of the company’s stock valued at $623,000 after purchasing an additional 11,281 shares in the last quarter. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Braze in the fourth quarter worth approximately $759,000. 90.47% of the stock is owned by 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.