Canaccord Genuity Group Forecasts Strong Price Appreciation for Braze (NASDAQ:BRZE) Stock

Braze (NASDAQ:BRZE - Get Free Report) had its target price raised by stock analysts at Canaccord Genuity Group from $45.00 to $50.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target would indicate a potential upside of 40.43% from the company's current price.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus set a $50.00 price target on Braze and gave the stock a "buy" rating in a research report on Friday. Stephens began coverage on Braze in a research report on Wednesday, March 19th. They set an "overweight" rating and a $43.00 price objective for the company. Oppenheimer restated an "outperform" rating and issued a $51.00 target price on shares of Braze in a report on Tuesday, December 10th. Piper Sandler lifted their price target on shares of Braze from $40.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, December 10th. Finally, Citigroup upped their price objective on shares of Braze from $47.00 to $51.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $53.00.

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Braze Trading Down 1.3 %

Shares of NASDAQ:BRZE traded down $0.47 during midday trading on Friday, hitting $35.61. 407,469 shares of the stock were exchanged, compared to its average volume of 1,210,736. Braze has a twelve month low of $29.18 and a twelve month high of $48.33. The company has a 50 day moving average price of $39.50 and a 200-day moving average price of $38.04. The stock has a market cap of $3.68 billion, a P/E ratio of -31.25 and a beta of 1.17.

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

Insider Activity

In related news, General Counsel Susan Wiseman sold 3,486 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $40.02, for a total value of $139,509.72. Following the completion of the sale, the general counsel now directly owns 182,109 shares in the company, valued at approximately $7,288,002.18. This represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Myles Kleeger sold 8,365 shares of the business'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 transaction, the insider now owns 168,882 shares in the company, valued at approximately $6,775,545.84. This represents a 4.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,470 shares of company stock valued at $3,841,921. Company insiders own 24.03% of the company's stock.

Institutional Trading of Braze

Several large investors have recently bought and sold shares of BRZE. Vanguard Group Inc. boosted its stake in shares of Braze by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company's stock valued at $354,479,000 after purchasing an additional 1,476,423 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Braze by 2.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,693,357 shares of the company's stock worth $112,798,000 after buying an additional 63,000 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Braze by 27.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,309,244 shares of the company's stock valued at $96,711,000 after buying an additional 500,667 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Braze by 121.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,197,407 shares of the company's stock valued at $92,028,000 after acquiring an additional 1,203,149 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Braze by 107.0% during the fourth quarter. Invesco Ltd. now owns 1,963,841 shares of the company's stock worth $82,246,000 after acquiring an additional 1,015,007 shares during the last quarter. Institutional investors and hedge funds own 90.47% of the company's stock.

Braze Company Profile

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.