Braze (NASDAQ:BRZE) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Braze (NASDAQ:BRZE) in a research note published on Tuesday, Benzinga reports. The brokerage currently has a $70.00 target price on the stock.

BRZE has been the subject of several other reports. Raymond James lowered their price target on Braze from $65.00 to $55.00 and set an outperform rating for the company in a research report on Friday, June 7th. DA Davidson reissued a buy rating and issued a $65.00 price objective on shares of Braze in a research note on Friday, September 6th. Canaccord Genuity Group increased their target price on shares of Braze from $50.00 to $53.00 and gave the stock a buy rating in a report on Friday, June 7th. BTIG Research dropped their price target on shares of Braze from $68.00 to $62.00 and set a buy rating for the company in a research note on Friday, May 31st. Finally, Barclays reduced their price objective on Braze from $80.00 to $70.00 and set an overweight rating on the stock in a research note on Monday, August 26th. Eighteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $59.18.

Braze Price Performance

NASDAQ:BRZE opened at $33.22 on Tuesday. The company’s 50-day moving average is $39.73 and its two-hundred day moving average is $40.82. Braze has a 1-year low of $31.80 and a 1-year high of $61.53. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -25.95 and a beta of 1.07.

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

Insider Buying and Selling

In other Braze news, CFO Isabelle Winkles sold 4,500 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $39.06, for a total value of $175,770.00. Following the completion of the transaction, the chief financial officer now owns 242,627 shares in the company, valued at $9,477,010.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Braze news, General Counsel Susan Wiseman sold 3,558 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $8,520,874.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Isabelle Winkles sold 4,500 shares of Braze stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $39.06, for a total value of $175,770.00. Following the completion of the transaction, the chief financial officer now owns 242,627 shares in the company, valued at $9,477,010.62. The disclosure for this sale can be found here. Insiders have sold 186,465 shares of company stock worth $8,054,420 in the last ninety days. 24.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Braze

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new stake in shares of Braze in the fourth quarter valued at about $40,000. Covestor Ltd raised its stake in shares of Braze by 401.1% during 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. Comerica Bank lifted its holdings in shares of Braze by 29.4% in the 1st quarter. Comerica Bank now owns 1,216 shares of the company’s stock valued at $54,000 after buying an additional 276 shares during the period. Quarry LP purchased a new stake in shares of Braze in the second quarter valued at approximately $50,000. Finally, RiverPark Advisors LLC grew its holdings in Braze by 360.9% during the first quarter. RiverPark Advisors LLC now owns 1,802 shares of the company’s stock worth $80,000 after acquiring an additional 1,411 shares during the period. 90.47% of the stock is currently 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.