Braze (NASDAQ:BRZE) Trading Down 7.2% - Here's Why

Braze, Inc. (NASDAQ:BRZE - Get Free Report)'s share price dropped 7.2% during mid-day trading on Monday . The stock traded as low as $42.28 and last traded at $42.68. Approximately 365,846 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,005,745 shares. The stock had previously closed at $45.98.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BRZE. Stifel Nicolaus raised their price objective on shares of Braze from $37.00 to $48.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. DA Davidson dropped their price objective on Braze from $55.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, December 10th. Macquarie raised their target price on Braze from $30.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, December 11th. Oppenheimer reiterated an "outperform" rating and issued a $51.00 price target on shares of Braze in a research report on Tuesday, December 10th. Finally, William Blair reissued an "outperform" rating on shares of Braze in a report on Thursday, December 19th. One analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.74.

Braze Stock Performance

The company has a 50 day simple moving average of $43.40 and a two-hundred day simple moving average of $39.01.

Insider Activity at Braze

In other news, CAO Pankaj Malik sold 3,432 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.45, for a total transaction of $118,232.40. Following the transaction, the chief accounting officer now owns 67,095 shares in the company, valued at approximately $2,311,422.75. This trade represents a 4.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Susan Wiseman sold 10,000 shares of the company's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $47.22, for a total transaction of $472,200.00. Following the completion of the sale, the general counsel now owns 189,520 shares of the company's stock, valued at $8,949,134.40. This represents a 5.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,583 shares of company stock valued at $7,797,668. Corporate insiders own 24.03% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BRZE. The Manufacturers Life Insurance Company raised its holdings in Braze by 12.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,593 shares of the company's stock worth $1,344,000 after acquiring an additional 3,858 shares during the period. Creative Planning grew its position in shares of Braze by 1.7% in the second quarter. Creative Planning now owns 23,121 shares of the company's stock valued at $898,000 after purchasing an additional 384 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Braze in the third quarter worth about $634,000. Renaissance Capital LLC lifted its position in shares of Braze by 51.2% during the 3rd quarter. Renaissance Capital LLC now owns 70,574 shares of the company's stock worth $2,282,000 after purchasing an additional 23,901 shares during the last quarter. Finally, Northside Capital Management LLC bought a new stake in Braze during the 3rd quarter valued at approximately $281,000. 90.47% of the stock is owned by institutional investors.

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.