Braze, Inc. (NASDAQ:BRZE) Short Interest Down 7.7% in August

Braze, Inc. (NASDAQ:BRZE) was the target of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 4,690,000 shares, a decline of 7.7% from the July 31st total of 5,080,000 shares. Currently, 7.3% of the shares of the company are short sold. Based on an average daily trading volume, of 1,090,000 shares, the days-to-cover ratio is currently 4.3 days.

Wall Street Analysts Forecast Growth

BRZE has been the subject of a number of recent research reports. Piper Sandler cut their price objective on Braze from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Barclays cut their price objective on Braze from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Raymond James cut their price objective on Braze from $65.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, June 7th. JMP Securities reiterated a “market outperform” rating and set a $68.00 price objective on shares of Braze in a research note on Friday, June 7th. Finally, TD Cowen cut their price objective on Braze from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Seventeen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $60.50.

Braze Stock Performance

Shares of BRZE traded down $1.48 during mid-day trading on Tuesday, hitting $43.30. 1,279,047 shares of the stock were exchanged, compared to its average volume of 923,919. The company has a market cap of $4.40 billion, a PE ratio of -34.98 and a beta of 1.07. Braze has a 52-week low of $33.93 and a 52-week high of $61.53. The firm has a 50-day moving average of $40.84 and a two-hundred day moving average of $43.26.

Braze (NASDAQ:BRZE) last released its quarterly earnings results on Thursday, June 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.01. Braze had a negative net margin of 25.06% and a negative return on equity of 27.85%. The company had revenue of $135.46 million for the quarter, compared to the consensus estimate of $131.56 million. On average, sell-side analysts predict that Braze will post -1.21 EPS for the current year.

Insiders Place Their Bets

In other Braze news, CAO Pankaj Malik sold 2,618 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $35.23, for a total transaction of $92,232.14. Following the completion of the sale, the chief accounting officer now directly owns 76,623 shares in the company, valued at approximately $2,699,428.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Braze news, insider Myles Kleeger sold 9,178 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $41.37, for a total transaction of $379,693.86. Following the completion of the sale, the insider now directly owns 206,340 shares in the company, valued at approximately $8,536,285.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Pankaj Malik sold 2,618 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $35.23, for a total value of $92,232.14. Following the sale, the chief accounting officer now owns 76,623 shares of the company’s stock, valued at $2,699,428.29. The disclosure for this sale can be found here. In the last 90 days, insiders sold 174,845 shares of company stock valued at $7,506,929. 24.03% of the stock is owned by insiders.

Hedge Funds Weigh In On Braze

Institutional investors and hedge funds have recently made changes to their positions in the business. Neo Ivy Capital Management purchased a new position in shares of Braze in the 4th quarter worth $40,000. Covestor Ltd grew its stake in shares of Braze by 401.1% in the 1st quarter. Covestor Ltd now owns 922 shares of the company’s stock worth $41,000 after buying an additional 738 shares in the last quarter. Quarry LP purchased a new position in shares of Braze during the 2nd quarter worth about $50,000. Comerica Bank boosted its stake in shares of Braze by 29.4% during the 1st quarter. Comerica Bank now owns 1,216 shares of the company’s stock worth $54,000 after purchasing an additional 276 shares during the period. Finally, Canton Hathaway LLC boosted its stake in shares of Braze by 149.9% during the 2nd quarter. Canton Hathaway LLC now owns 1,979 shares of the company’s stock worth $77,000 after purchasing an additional 1,187 shares during the period. 90.47% of the stock is owned by hedge funds and other 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.