Braze (NASDAQ:BRZE) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Braze (NASDAQ:BRZE - Free Report) in a research note published on Tuesday,Benzinga reports. They currently have a $50.00 price objective on the stock, down from their previous price objective of $70.00.

BRZE has been the subject of a number of other research reports. TD Cowen lowered their price objective on Braze from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lowered their price target on Braze from $55.00 to $47.00 and set an "overweight" rating for the company in a research report on Friday, October 25th. JMP Securities reissued a "market outperform" rating and set a $68.00 price objective on shares of Braze in a research report on Tuesday, September 24th. UBS Group decreased their target price on shares of Braze from $56.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, September 25th. Finally, Loop Capital reissued a "buy" rating and set a $75.00 price target on shares of Braze in a research report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $53.63.

Braze Stock Down 2.0 %

Shares of BRZE stock traded down $0.85 during trading hours on Tuesday, hitting $40.95. 3,310,237 shares of the company's stock traded hands, compared to its average volume of 1,079,072. The stock's fifty day simple moving average is $34.29 and its two-hundred day simple moving average is $37.25. Braze has a 12-month low of $29.18 and a 12-month high of $61.53. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of -35.92 and a beta of 1.15.

Insiders Place Their Bets

In other news, CAO Pankaj Malik sold 3,432 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.45, for a total value of $118,232.40. Following the completion of the sale, the chief accounting officer now directly owns 67,095 shares of the company's stock, valued at $2,311,422.75. This represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Myles Kleeger sold 6,342 shares of Braze stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $36.03, for a total transaction of $228,502.26. Following the transaction, the insider now owns 184,396 shares in the company, valued at approximately $6,643,787.88. This trade represents a 3.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,979 shares of company stock worth $3,688,914. Company insiders own 24.03% of the company's stock.

Institutional Investors Weigh In On Braze

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