Braze (NASDAQ:BRZE) Earns “Buy” Rating from Needham & Company LLC

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They currently have a $70.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 38.39% from the stock’s current price.

BRZE has been the topic of several other reports. William Blair reiterated an “outperform” rating on shares of Braze in a report on Thursday. UBS Group upgraded Braze from a “neutral” rating to a “buy” rating and set a $62.00 price objective for the company in a report on Thursday, March 21st. BTIG Research increased their target price on Braze from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, December 7th. Raymond James boosted their price target on Braze from $52.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, December 7th. Finally, Barclays increased their price objective on Braze from $65.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, December 7th. One research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $64.82.

Braze Trading Up 2.3 %

Shares of NASDAQ BRZE opened at $50.58 on Thursday. Braze has a 12 month low of $25.76 and a 12 month high of $61.53. The stock has a 50 day moving average of $55.05 and a 200-day moving average of $51.24. The company has a market capitalization of $5.05 billion, a P/E ratio of -36.39 and a beta of 1.21.

Insider Buying and Selling at Braze

In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $59.91, for a total value of $89,865.00. Following the transaction, the director now directly owns 11,056 shares of the company’s stock, valued at $662,364.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Phillip M. Fernandez sold 1,500 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $59.91, for a total transaction of $89,865.00. Following the transaction, the director now owns 11,056 shares in the company, valued at approximately $662,364.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Myles Kleeger sold 6,874 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $56.87, for a total transaction of $390,924.38. Following the completion of the sale, the insider now owns 231,083 shares of the company’s stock, valued at $13,141,690.21. The disclosure for this sale can be found here. Insiders have sold a total of 75,471 shares of company stock worth $4,196,153 over the last 90 days. Insiders own 26.48% of the company’s stock.

Institutional Investors Weigh In On Braze

A number of hedge funds have recently added to or reduced their stakes in BRZE. Fred Alger Management LLC bought a new position in shares of Braze in the 3rd quarter worth $29,000. BluePath Capital Management LLC bought a new position in shares of Braze in the third quarter valued at $31,000. Neo Ivy Capital Management bought a new position in Braze in the 4th quarter valued at about $40,000. Royal Bank of Canada boosted its stake in Braze by 189.3% during the 3rd quarter. Royal Bank of Canada now owns 1,160 shares of the company’s stock valued at $40,000 after purchasing an additional 759 shares during the last quarter. Finally, Canton Hathaway LLC bought a new stake in Braze during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds 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.