Canaccord Genuity Group Boosts Braze (NASDAQ:BRZE) Price Target to $50.00

Braze (NASDAQ:BRZE) had its price objective hoisted by Canaccord Genuity Group from $45.00 to $50.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

BRZE has been the topic of a number of other reports. Piper Sandler lifted their price objective on shares of Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, December 10th. Stephens initiated coverage on Braze in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $43.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Braze in a research report on Monday, February 3rd. DA Davidson reissued a “buy” rating and issued a $50.00 target price on shares of Braze in a report on Wednesday, March 26th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $55.00 price target (up from $50.00) on shares of Braze in a report on Friday. One equities research analyst has rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Braze presently has an average rating of “Buy” and an average price target of $53.00.

Braze Stock Up 2.2 %

NASDAQ:BRZE opened at $37.51 on Friday. The company has a market capitalization of $3.88 billion, a PE ratio of -32.90 and a beta of 1.17. Braze has a 52-week low of $29.18 and a 52-week high of $48.33. The stock’s 50 day moving average price is $39.66 and its 200 day moving average price is $38.03.

Braze (NASDAQ:BRZE) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.07. The business had revenue of $160.40 million during 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 company’s revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) earnings per share. As a group, sell-side analysts anticipate that Braze will post -0.98 EPS for the current fiscal year.

Insider Transactions at Braze

In other Braze news, CAO Pankaj Malik sold 3,700 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $45.77, for a total value of $169,349.00. Following the sale, the chief accounting officer now owns 54,784 shares of the company’s stock, valued at $2,507,463.68. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jonathan Hyman sold 5,210 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $40.82, for a total transaction of $212,672.20. Following the completion of the sale, the chief technology officer now owns 157,810 shares in the company, valued at $6,441,804.20. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 89,470 shares of company stock valued at $3,841,921 in the last quarter. 24.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Braze

Institutional investors and hedge funds have recently bought and sold shares of the stock. ShawSpring Partners LLC acquired a new position in shares of Braze in the fourth quarter worth $62,837,000. Norges Bank purchased a new stake in Braze during the 4th quarter worth about $62,639,000. Vanguard Group Inc. raised its stake in Braze by 21.1% in the 4th quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company’s stock valued at $354,479,000 after purchasing an additional 1,476,423 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Braze by 121.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,197,407 shares of the company’s stock valued at $92,028,000 after purchasing an additional 1,203,149 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in Braze in the 4th quarter valued at about $50,000,000. Hedge funds and other 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 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.