CIBC Private Wealth Group LLC Sells 34,262 Shares of Braze, Inc. (NASDAQ:BRZE)

CIBC Private Wealth Group LLC reduced its position in Braze, Inc. (NASDAQ:BRZE - Free Report) by 17.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 164,371 shares of the company's stock after selling 34,262 shares during the period. CIBC Private Wealth Group LLC owned 0.16% of Braze worth $7,257,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership acquired a new stake in Braze in the fourth quarter worth about $5,160,000. Pictet Asset Management Holding SA boosted its stake in shares of Braze by 27.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 8,935 shares of the company's stock valued at $374,000 after purchasing an additional 1,938 shares during the last quarter. Norges Bank acquired a new stake in shares of Braze during the 4th quarter worth approximately $62,639,000. JPMorgan Chase & Co. grew its position in shares of Braze by 27.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,309,244 shares of the company's stock worth $96,711,000 after buying an additional 500,667 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Braze by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company's stock worth $354,479,000 after buying an additional 1,476,423 shares during the last quarter. Institutional investors own 90.47% of the company's stock.

Braze Trading Down 5.4 %

Shares of Braze stock traded down $1.76 during trading hours on Friday, reaching $30.98. 1,458,963 shares of the company's stock were exchanged, compared to its average volume of 1,208,805. The stock has a market cap of $3.24 billion, a P/E ratio of -27.18 and a beta of 1.13. The company has a 50 day moving average of $38.61 and a two-hundred day moving average of $38.01. Braze, Inc. has a fifty-two week low of $29.18 and a fifty-two week high of $48.33.

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

Analyst Upgrades and Downgrades

BRZE has been the subject of a number of analyst reports. DA Davidson reaffirmed a "buy" rating and set a $50.00 target price on shares of Braze in a report on Wednesday, March 26th. William Blair restated an "outperform" rating on shares of Braze in a research report on Thursday, December 19th. Macquarie upped their price objective on Braze from $30.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, December 11th. Wells Fargo & Company restated an "overweight" rating and set a $55.00 target price (up previously from $50.00) on shares of Braze in a report on Friday, March 28th. Finally, Stifel Nicolaus set a $50.00 price objective on shares of Braze and gave the company a "buy" rating in a report on Friday, March 28th. One research analyst has rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $53.00.

Insider Activity

In other news, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction on Friday, March 28th. The stock was sold at an average price of $41.46, for a total transaction of $62,190.00. Following the completion of the sale, the director now owns 15,269 shares of the company's stock, valued at approximately $633,052.74. This trade represents a 8.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Pankaj Malik sold 3,700 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $45.77, for a total transaction of $169,349.00. Following the completion of the sale, the chief accounting officer now directly owns 54,784 shares of the company's stock, valued at approximately $2,507,463.68. The trade was a 6.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,970 shares of company stock valued at $3,904,111 in the last quarter. Company insiders own 24.03% 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.