Braze, Inc. (NASDAQ:BRZE) Sees Significant Growth in Short Interest

Braze, Inc. (NASDAQ:BRZE - Get Free Report) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 4,300,000 shares, a growth of 36.1% from the November 30th total of 3,160,000 shares. Currently, 6.2% of the shares of the company are sold short. Based on an average daily volume of 1,410,000 shares, the short-interest ratio is currently 3.0 days.

Braze Trading Down 2.7 %

NASDAQ BRZE traded down $1.20 on Friday, reaching $42.90. 607,803 shares of the company were exchanged, compared to its average volume of 1,092,427. The business's fifty day moving average price is $37.78 and its 200 day moving average price is $37.75. The stock has a market capitalization of $4.44 billion, a P/E ratio of -37.63 and a beta of 1.15. Braze has a fifty-two week low of $29.18 and a fifty-two week high of $61.53.

Insider Activity at Braze

In other news, General Counsel Susan Wiseman sold 41,210 shares of Braze stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $45.09, for a total transaction of $1,858,158.90. Following the completion of the transaction, the general counsel now directly owns 199,520 shares of the company's stock, valued at $8,996,356.80. The trade was a 17.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Myles Kleeger sold 37,900 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $45.11, for a total transaction of $1,709,669.00. Following the completion of the transaction, the insider now owns 184,396 shares of the company's stock, valued at approximately $8,318,103.56. This represents a 17.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,090 shares of company stock worth $7,906,833 over the last three months. Company insiders own 24.03% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BRZE. Bank of New York Mellon Corp raised its holdings in Braze by 18.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 477,699 shares of the company's stock valued at $18,554,000 after buying an additional 73,764 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Braze by 12.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,549 shares of the company's stock worth $487,000 after buying an additional 1,437 shares during the last quarter. Versor Investments LP purchased a new stake in Braze in the 2nd quarter valued at $348,000. Rhumbline Advisers boosted its stake in Braze by 3.3% during the 2nd quarter. Rhumbline Advisers now owns 75,371 shares of the company's stock worth $2,927,000 after purchasing an additional 2,407 shares during the period. Finally, Fiera Capital Corp grew its position in Braze by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 780,630 shares of the company's stock worth $30,320,000 after purchasing an additional 7,570 shares during the last quarter. Institutional investors and hedge funds own 90.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BRZE. UBS Group lowered their target price on shares of Braze from $56.00 to $51.00 and set a "buy" rating on the stock in a research note on Wednesday, September 25th. The Goldman Sachs Group lowered their price target on Braze from $65.00 to $47.00 and set a "buy" rating on the stock in a research report on Tuesday, November 12th. Citigroup raised their price objective on Braze from $47.00 to $51.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Oppenheimer reaffirmed an "outperform" rating and set a $51.00 target price on shares of Braze in a research note on Tuesday, December 10th. Finally, Loop Capital reissued a "buy" rating and issued a $75.00 price target on shares of Braze in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $53.74.

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.