Arrowstreet Capital Limited Partnership Invests $5.16 Million in Braze, Inc. (NASDAQ:BRZE)

Arrowstreet Capital Limited Partnership purchased a new position in Braze, Inc. (NASDAQ:BRZE - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 123,199 shares of the company's stock, valued at approximately $5,160,000. Arrowstreet Capital Limited Partnership owned 0.12% of Braze at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BRZE. Proficio Capital Partners LLC purchased a new stake in Braze in the 4th quarter worth $498,000. Geode Capital Management LLC grew its position in shares of Braze by 18.1% in the third 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. JPMorgan Chase & Co. increased its stake in shares of Braze by 146.9% during the third quarter. JPMorgan Chase & Co. now owns 1,808,577 shares of the company's stock worth $58,489,000 after purchasing an additional 1,075,998 shares in the last quarter. Vestcor Inc acquired a new position in shares of Braze during the 3rd quarter worth about $1,617,000. Finally, Thrivent Financial for Lutherans purchased a new position in Braze in the 4th quarter valued at about $708,000. 90.47% of the stock is owned by institutional investors and hedge funds.

Braze Stock Performance

Shares of BRZE traded down $1.35 during midday trading on Friday, hitting $29.03. The company had a trading volume of 2,335,352 shares, compared to its average volume of 1,221,742. The company's 50-day simple moving average is $36.60 and its 200-day simple moving average is $37.78. The firm has a market capitalization of $3.04 billion, a P/E ratio of -25.46 and a beta of 1.13. Braze, Inc. has a 1 year low of $27.75 and a 1 year high of $48.33.

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Braze (NASDAQ:BRZE - Get Free Report) last posted its quarterly earnings results on Thursday, March 27th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.05 by $0.07. Braze had a negative net margin of 20.41% and a negative return on equity of 24.88%. The company had revenue of $160.40 million during the quarter, compared to analysts' expectations of $155.72 million. During the same quarter in the previous year, the business posted ($0.04) EPS. The firm's revenue was up 22.4% on a year-over-year basis. Equities analysts predict that Braze, Inc. will post -0.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Raymond James boosted their price objective on Braze from $45.00 to $48.00 and gave the stock an "outperform" rating in a research note on Friday, March 28th. Canaccord Genuity Group upped their price objective on shares of Braze from $45.00 to $50.00 and gave the company a "buy" rating in a report on Friday, March 28th. William Blair reissued an "outperform" rating on shares of Braze in a research note on Thursday, December 19th. DA Davidson restated a "buy" rating and issued a $50.00 price objective on shares of Braze in a report on Wednesday, March 26th. Finally, Citigroup lifted their target price on shares of Braze from $50.00 to $55.00 and gave the company a "buy" rating in a report on Friday, March 28th. One investment analyst has rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Braze has a consensus rating of "Buy" and an average target price of $53.00.

Insider Activity at Braze

In other news, General Counsel Susan Wiseman sold 10,000 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $47.22, for a total value of $472,200.00. Following the transaction, the general counsel now owns 189,520 shares in the company, valued at approximately $8,949,134.40. This represents a 5.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Myles Kleeger sold 8,365 shares of the firm's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $40.12, for a total value of $335,603.80. Following the sale, the insider now directly owns 168,882 shares in the company, valued at $6,775,545.84. This trade represents a 4.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,437 shares of company stock valued at $2,772,276 over the last quarter. 24.03% of the stock is owned by insiders.

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.