Norges Bank Invests $62.64 Million in Braze, Inc. (NASDAQ:BRZE)

Norges Bank acquired a new position in shares of Braze, Inc. (NASDAQ:BRZE - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,495,682 shares of the company's stock, valued at approximately $62,639,000. Norges Bank owned 1.45% of Braze at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Braze by 21.1% during the 4th quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company's stock worth $354,479,000 after acquiring an additional 1,476,423 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Braze by 146.9% in the third quarter. JPMorgan Chase & Co. now owns 1,808,577 shares of the company's stock worth $58,489,000 after purchasing an additional 1,075,998 shares during the last quarter. State Street Corp boosted its position in Braze by 21.5% in the third quarter. State Street Corp now owns 1,575,701 shares of the company's stock valued at $50,958,000 after buying an additional 279,050 shares during the last quarter. Geode Capital Management LLC increased its holdings in Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company's stock worth $48,428,000 after buying an additional 229,660 shares during the period. Finally, Stephens Investment Management Group LLC raised its position in Braze by 20.1% during the 4th quarter. Stephens Investment Management Group LLC now owns 772,268 shares of the company's stock worth $32,343,000 after buying an additional 129,298 shares during the last quarter. 90.47% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Braze

In other news, CAO Pankaj Malik sold 2,585 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $40.82, for a total value of $105,519.70. Following the completion of the sale, the chief accounting officer now directly owns 52,199 shares in the company, valued at $2,130,763.18. This represents a 4.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Myles Kleeger sold 7,149 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total transaction of $291,822.18. Following the transaction, the insider now owns 177,247 shares in the company, valued at $7,235,222.54. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,437 shares of company stock worth $2,772,276. Corporate insiders own 24.03% of the company's stock.

Braze Stock Performance

Shares of BRZE traded down $0.42 during mid-day trading on Tuesday, hitting $29.72. 1,272,711 shares of the company were exchanged, compared to its average volume of 1,212,632. Braze, Inc. has a 1-year low of $28.59 and a 1-year high of $48.33. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -26.07 and a beta of 1.13. The company has a 50 day moving average of $37.62 and a 200-day moving average of $37.86.

Braze (NASDAQ:BRZE - Get Free Report) last announced its earnings results on Thursday, March 27th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.07. The business had revenue of $160.40 million during the quarter, compared to analysts' expectations 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 revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. Research analysts anticipate that Braze, Inc. will post -0.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on BRZE shares. DA Davidson reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Braze in a report on Wednesday, March 26th. Citigroup lifted their price objective on Braze from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Stephens started coverage on Braze in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $43.00 target price on the stock. Macquarie lifted their price target on Braze from $30.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, December 11th. Finally, William Blair reissued an "outperform" rating on shares of Braze in a report on Thursday, December 19th. 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 stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $53.00.

Braze 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.