Braze (NASDAQ:BRZE) PT Lowered to $65.00

Braze (NASDAQ:BRZE) had its price objective cut by equities researchers at TD Cowen from $68.00 to $65.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 45.45% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. William Blair reaffirmed an “outperform” rating on shares of Braze in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $70.00 price target on shares of Braze in a research report on Thursday. UBS Group raised Braze from a “neutral” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Thursday, March 21st. The Goldman Sachs Group lifted their price objective on Braze from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, December 7th. Finally, Barclays lifted their target price on Braze from $65.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, December 7th. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Braze presently has a consensus rating of “Moderate Buy” and an average target price of $64.88.

Braze Stock Performance

Braze stock traded down $5.89 during mid-day trading on Thursday, hitting $44.69. The company’s stock had a trading volume of 2,792,273 shares, compared to its average volume of 757,808. Braze has a one year low of $25.76 and a one year high of $61.53. The company has a 50 day moving average of $55.05 and a 200-day moving average of $51.24. The stock has a market cap of $4.46 billion, a PE ratio of -32.49 and a beta of 1.21.

Insider Activity at Braze

In related news, insider Myles Kleeger sold 15,000 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $49.78, for a total value of $746,700.00. Following the completion of the sale, the insider now directly owns 171,709 shares of the company’s stock, valued at approximately $8,547,674.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Braze news, insider Myles Kleeger sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $49.78, for a total transaction of $746,700.00. Following the completion of the sale, the insider now directly owns 171,709 shares of the company’s stock, valued at approximately $8,547,674.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Magnuson sold 11,874 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $57.51, for a total value of $682,873.74. Following the sale, the chief executive officer now directly owns 636,514 shares of the company’s stock, valued at $36,605,920.14. The disclosure for this sale can be found here. Insiders sold a total of 75,471 shares of company stock valued at $4,196,153 in the last three months. 26.48% of the stock is currently owned by company insiders.

Institutional Trading of Braze

Several institutional investors and hedge funds have recently added to or reduced their stakes in BRZE. Fred Alger Management LLC acquired a new stake in shares of Braze in the 3rd quarter valued at approximately $29,000. BluePath Capital Management LLC acquired a new stake in shares of Braze in the 3rd quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new stake in shares of Braze in the 4th quarter valued at approximately $40,000. Royal Bank of Canada lifted its holdings in shares of Braze by 189.3% in the 3rd quarter. Royal Bank of Canada now owns 1,160 shares of the company’s stock valued at $40,000 after buying an additional 759 shares during the period. Finally, Canton Hathaway LLC acquired a new stake in shares of Braze in the 4th quarter valued at approximately $42,000. 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 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.