Braze’s (BRZE) Overweight Rating Reiterated at Piper Sandler

Braze (NASDAQ:BRZE)‘s stock had its “overweight” rating reiterated by investment analysts at Piper Sandler in a research note issued to investors on Thursday, Benzinga reports. They currently have a $66.00 price target on the stock. Piper Sandler’s price objective points to a potential upside of 30.49% from the company’s current price.

Several other analysts have also commented on BRZE. DA Davidson restated a “buy” rating and set a $65.00 price target on shares of Braze in a research report on Monday. JPMorgan Chase & Co. raised their price target on shares of Braze from $52.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 29th. Canaccord Genuity Group reduced their target price on shares of Braze from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 target price on shares of Braze in a research note on Thursday. Finally, JMP Securities boosted their price target on shares of Braze from $56.00 to $68.00 and gave the company a “market outperform” rating in a research note on Thursday, December 7th. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Braze has a consensus rating of “Moderate Buy” and a consensus price target of $64.82.

Braze Price Performance

NASDAQ:BRZE opened at $50.58 on Thursday. The firm has a market capitalization of $5.05 billion, a P/E ratio of -36.39 and a beta of 1.21. Braze has a 1-year low of $25.76 and a 1-year high of $61.53. The company’s fifty day moving average price is $55.05 and its 200-day moving average price is $51.24.

Insiders Place Their Bets

In other news, CAO Pankaj Malik sold 1,000 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $53.73, for a total value of $53,730.00. Following the completion of the transaction, the chief accounting officer now owns 77,853 shares in the company, valued at approximately $4,183,041.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $59.91, for a total transaction of $89,865.00. Following the completion of the transaction, the director now directly owns 11,056 shares in the company, valued at approximately $662,364.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Pankaj Malik sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $53.73, for a total transaction of $53,730.00. Following the transaction, the chief accounting officer now owns 77,853 shares of the company’s stock, valued at $4,183,041.69. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,471 shares of company stock worth $4,196,153. 26.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Braze

Several hedge funds have recently added to or reduced their stakes in BRZE. BlackRock Inc. increased its holdings in Braze by 296.6% during the 2nd quarter. BlackRock Inc. now owns 2,604,483 shares of the company’s stock valued at $114,050,000 after acquiring an additional 1,947,831 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in shares of 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 purchasing an additional 1,287,500 shares during the last quarter. Morgan Stanley boosted its stake in shares of Braze by 20.1% during the 3rd quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock worth $251,769,000 after purchasing an additional 899,894 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Braze by 12,400.1% during the 1st quarter. Deutsche Bank AG now owns 852,010 shares of the company’s stock worth $29,454,000 after purchasing an additional 845,194 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Braze by 180.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company’s stock worth $60,053,000 after purchasing an additional 826,100 shares during the last quarter. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

Braze Company Profile

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.