Braze's (BRZE) "Buy" Rating Reaffirmed at Needham & Company LLC

Braze (NASDAQ:BRZE - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $50.00 price objective on the stock. Needham & Company LLC's price objective indicates a potential upside of 14.23% from the company's current price.

Several other brokerages have also recently issued reports on BRZE. William Blair reaffirmed an "outperform" rating on shares of Braze in a research report on Thursday, December 19th. TD Cowen dropped their price objective on Braze from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, September 24th. Citigroup boosted their target price on shares of Braze from $47.00 to $51.00 and gave the stock a "buy" rating in a report on Wednesday, December 11th. Wells Fargo & Company lowered their price target on shares of Braze from $65.00 to $55.00 and set an "overweight" rating on the stock in a report on Tuesday, November 26th. Finally, DA Davidson reduced their price objective on shares of Braze from $55.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, December 10th. One analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.74.

Braze Price Performance

Shares of NASDAQ:BRZE traded up $1.91 during trading on Wednesday, reaching $43.77. 1,107,437 shares of the company were exchanged, compared to its average volume of 1,286,793. Braze has a 12-month low of $29.18 and a 12-month high of $61.53. The firm has a market capitalization of $4.53 billion, a PE ratio of -38.39 and a beta of 1.11. The business's fifty day simple moving average is $40.65 and its 200-day simple moving average is $38.39.

Insider Transactions at Braze

In related news, insider Myles Kleeger sold 10,000 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $45.43, for a total value of $454,300.00. Following the completion of the transaction, the insider now directly owns 184,396 shares in the company, valued at $8,377,110.28. The trade was a 5.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William Magnuson sold 17,933 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 $617,791.85. Following the sale, the chief executive officer now owns 582,816 shares in the company, valued at approximately $20,078,011.20. This represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 173,083 shares of company stock worth $7,260,773 over the last quarter. 24.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Braze

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in shares of Braze by 12.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company's stock worth $16,486,000 after buying an additional 57,713 shares during the period. Point72 Asset Management L.P. acquired a new position in Braze during the second quarter worth $10,166,000. Victory Capital Management Inc. lifted its holdings in Braze by 5.0% during the third quarter. Victory Capital Management Inc. now owns 411,544 shares of the company's stock valued at $13,309,000 after purchasing an additional 19,567 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Braze in the second quarter valued at about $971,000. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of Braze by 195.6% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 77,690 shares of the company's stock worth $2,512,000 after purchasing an additional 51,411 shares during the last quarter. Institutional investors and hedge funds 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 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.