Geode Capital Management LLC Has $48.43 Million Position in Braze, Inc. (NASDAQ:BRZE)

Geode Capital Management LLC grew its holdings in Braze, Inc. (NASDAQ:BRZE - Free Report) by 18.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,497,188 shares of the company's stock after acquiring an additional 229,660 shares during the quarter. Geode Capital Management LLC owned 1.46% of Braze worth $48,428,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in shares of Braze by 18.3% in the second quarter. Bank of New York Mellon Corp now owns 477,699 shares of the company's stock valued at $18,554,000 after buying an additional 73,764 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Braze by 12.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,549 shares of the company's stock worth $487,000 after acquiring an additional 1,437 shares during the period. Peregrine Capital Management LLC acquired a new stake in shares of Braze during the 2nd quarter worth approximately $7,349,000. Versor Investments LP acquired a new stake in shares of Braze during the 2nd quarter worth approximately $348,000. Finally, Rhumbline Advisers increased its position in shares of Braze by 3.3% during the second quarter. Rhumbline Advisers now owns 75,371 shares of the company's stock valued at $2,927,000 after purchasing an additional 2,407 shares during the period. Institutional investors and hedge funds own 90.47% of the company's stock.

Insider Transactions at Braze

In other news, CFO Isabelle Winkles sold 4,500 shares of the business's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $32.12, for a total transaction of $144,540.00. Following the completion of the transaction, the chief financial officer now directly owns 216,208 shares in the company, valued at approximately $6,944,600.96. The trade was a 2.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fernando Machado sold 1,377 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $30.65, for a total transaction of $42,205.05. Following the completion of the sale, the director now owns 8,937 shares in the company, valued at $273,919.05. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,090 shares of company stock worth $7,906,833 in the last quarter. 24.03% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on BRZE shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $50.00 target price (down from $70.00) on shares of Braze in a research report on Tuesday, December 10th. The Goldman Sachs Group lowered their target price on shares of Braze from $65.00 to $47.00 and set a "buy" rating on the stock in a research note on Tuesday, November 12th. Stifel Nicolaus raised their price target on shares of Braze from $37.00 to $48.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. JMP Securities reiterated a "market outperform" rating and issued a $68.00 price objective on shares of Braze in a research note on Tuesday, September 24th. Finally, Oppenheimer restated an "outperform" rating and set a $51.00 target price on shares of Braze in a research report 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.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.74.

Braze Stock Performance

NASDAQ:BRZE traded up $0.17 on Tuesday, hitting $43.60. 324,003 shares of the stock were exchanged, compared to its average volume of 1,096,209. Braze, Inc. has a 52 week low of $29.18 and a 52 week high of $61.53. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of -38.25 and a beta of 1.15. The company's 50-day moving average price is $36.99 and its 200 day moving average price is $37.62.

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.