Stock Traders Buy Large Volume of Braze Call Options (NASDAQ:BRZE)

Braze, Inc. (NASDAQ:BRZE) was the recipient of some unusual options trading on Tuesday. Traders bought 2,426 call options on the stock. This represents an increase of 127% compared to the typical daily volume of 1,070 call options.

Insider Activity at Braze

In other Braze news, major shareholder Roger H. Lee sold 56,830 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $30.27, for a total value of $1,720,244.10. Following the transaction, the insider now owns 56,830 shares in the company, valued at $1,720,244.10. The trade was a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Jonathan Hyman sold 6,930 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.45, for a total value of $238,738.50. Following the completion of the transaction, the chief technology officer now owns 163,020 shares in the company, valued at $5,616,039. This represents a 4.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,979 shares of company stock worth $3,688,914 in the last three months. 24.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its stake in shares of Braze by 21.5% during the 3rd quarter. State Street Corp now owns 1,575,701 shares of the company’s stock valued at $50,958,000 after buying an additional 279,050 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock valued at $48,428,000 after purchasing an additional 229,660 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Braze by 69.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock valued at $48,319,000 after purchasing an additional 612,400 shares during the period. Fiera Capital Corp raised its position in shares of Braze by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 780,630 shares of the company’s stock valued at $30,320,000 after buying an additional 7,570 shares in the last quarter. Finally, Stephens Investment Management Group LLC purchased a new position in Braze in the 3rd quarter worth $20,794,000. 90.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BRZE shares. Wells Fargo & Company reduced their price target on shares of Braze from $65.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, November 26th. TD Cowen cut their price target on Braze from $52.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. Stifel Nicolaus raised their price objective on shares of Braze from $37.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $50.00 target price (down previously from $70.00) on shares of Braze in a research report on Tuesday. Finally, Macquarie started coverage on Braze in a research report on Thursday, October 31st. They issued a “neutral” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.89.

Braze Stock Up 1.7 %

BRZE stock traded up $0.72 during trading on Tuesday, reaching $42.52. The stock had a trading volume of 1,154,564 shares, compared to its average volume of 1,069,337. Braze has a one year low of $29.18 and a one year high of $61.53. The company’s 50 day moving average is $34.29 and its two-hundred day moving average is $37.25. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -35.42 and a beta of 1.15.

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.