Braze’s (BRZE) “Buy” Rating Reiterated at Needham & Company LLC

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They presently have a $50.00 target price on the stock, down from their prior target price of $70.00. Needham & Company LLC’s price target points to a potential upside of 19.62% from the stock’s previous close.

BRZE has been the subject of several other research reports. TD Cowen dropped their price target on shares of Braze from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. UBS Group cut their price objective on Braze from $56.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Oppenheimer lowered their target price on shares of Braze from $60.00 to $51.00 and set an “outperform” rating on the stock in a report on Tuesday, September 24th. JPMorgan Chase & Co. cut their price target on shares of Braze from $55.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Finally, Piper Sandler decreased their price objective on shares of Braze from $51.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. One analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.89.

Braze Price Performance

Shares of Braze stock opened at $41.80 on Tuesday. The company’s fifty day moving average price is $34.29 and its two-hundred day moving average price is $37.25. The firm has a market capitalization of $4.29 billion, a PE ratio of -35.42 and a beta of 1.15. Braze has a 52-week low of $29.18 and a 52-week high of $61.53.

Insider Buying and Selling at Braze

In other Braze news, insider Myles Kleeger sold 6,342 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $36.03, for a total transaction of $228,502.26. Following the completion of the sale, the insider now owns 184,396 shares in the company, valued at approximately $6,643,787.88. The trade was a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Susan Wiseman sold 3,557 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $36.02, for a total value of $128,123.14. Following the completion of the transaction, the general counsel now owns 199,520 shares in the company, valued at $7,186,710.40. This represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,979 shares of company stock worth $3,688,914. Company insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new stake in shares of Braze in the 2nd quarter valued at approximately $50,000. Comerica Bank grew its holdings in Braze by 29.4% during the first quarter. Comerica Bank now owns 1,216 shares of the company’s stock valued at $54,000 after purchasing an additional 276 shares during the period. KBC Group NV increased its stake in Braze by 41.5% in the third quarter. KBC Group NV now owns 2,097 shares of the company’s stock valued at $68,000 after purchasing an additional 615 shares in the last quarter. Amalgamated Bank raised its holdings in Braze by 18.9% in the third quarter. Amalgamated Bank now owns 2,253 shares of the company’s stock worth $73,000 after purchasing an additional 358 shares during the period. Finally, Canton Hathaway LLC grew its holdings in shares of Braze by 149.9% in the 2nd quarter. Canton Hathaway LLC now owns 1,979 shares of the company’s stock valued at $77,000 after buying an additional 1,187 shares during the period. 90.47% of the stock is currently owned by institutional investors and hedge funds.

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.