JPMorgan Chase & Co. Cuts Braze (NASDAQ:BRZE) Price Target to $58.00

Braze (NASDAQ:BRZE) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $60.00 to $58.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 26.72% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on BRZE. Needham & Company LLC restated a “buy” rating and set a $70.00 price target on shares of Braze in a report on Thursday. Canaccord Genuity Group reduced their target price on shares of Braze from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday. Oppenheimer reiterated an “outperform” rating and issued a $75.00 target price on shares of Braze in a research note on Thursday. The Goldman Sachs Group raised their price target on shares of Braze from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, December 7th. Finally, BTIG Research raised their price target on shares of Braze from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, December 7th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $64.47.

Braze Stock Down 9.5 %

BRZE stock traded down $4.81 during mid-day trading on Thursday, reaching $45.77. 2,075,482 shares of the stock traded hands, compared to its average volume of 745,461. Braze has a 52 week low of $25.76 and a 52 week high of $61.53. The business has a 50-day moving average of $55.05 and a two-hundred day moving average of $51.24. The firm has a market capitalization of $4.57 billion, a PE ratio of -32.93 and a beta of 1.21.

Insider Activity

In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.32, for a total transaction of $76,980.00. Following the sale, the director now directly owns 11,056 shares of the company’s stock, valued at approximately $567,393.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Pankaj Malik sold 1,000 shares of Braze stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $53.73, for a total transaction of $53,730.00. Following the completion of the sale, the chief accounting officer now owns 77,853 shares of the company’s stock, valued at approximately $4,183,041.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.32, for a total value of $76,980.00. Following the sale, the director now directly owns 11,056 shares of the company’s stock, valued at $567,393.92. The disclosure for this sale can be found here. Insiders sold 75,471 shares of company stock worth $4,196,153 over the last quarter. 26.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Braze

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in Braze in the first quarter valued at approximately $370,000. Bank of Montreal Can increased its position in Braze by 81.7% in the 1st quarter. Bank of Montreal Can now owns 103,600 shares of the company’s stock valued at $4,645,000 after acquiring an additional 46,591 shares during the period. BlackRock Inc. grew its stake in shares of Braze by 2,301.3% in the first quarter. BlackRock Inc. now owns 123,233 shares of the company’s stock worth $5,111,000 after purchasing an additional 118,101 shares during the last quarter. Blair William & Co. IL grew its position in shares of Braze by 8.7% in the 1st quarter. Blair William & Co. IL now owns 10,220 shares of the company’s stock valued at $424,000 after buying an additional 820 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Braze by 21.8% in the first quarter. Vanguard Group Inc. now owns 695,917 shares of the company’s stock valued at $28,860,000 after buying an additional 124,741 shares during the period. Institutional investors own 90.47% of the company’s stock.

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.