State Street Corp Purchases 279,050 Shares of Braze, Inc. (NASDAQ:BRZE)

State Street Corp increased its stake in Braze, Inc. (NASDAQ:BRZE - Free Report) by 21.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,575,701 shares of the company's stock after acquiring an additional 279,050 shares during the quarter. State Street Corp owned about 1.53% of Braze worth $50,958,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BRZE. Polar Asset Management Partners Inc. bought a new stake in Braze during the third quarter valued at $7,294,000. Holocene Advisors LP boosted its position in shares of Braze by 52.7% during the 3rd quarter. Holocene Advisors LP now owns 84,383 shares of the company's stock valued at $2,729,000 after purchasing an additional 29,123 shares in the last quarter. Centiva Capital LP boosted its position in shares of Braze by 22.6% during the 3rd quarter. Centiva Capital LP now owns 31,033 shares of the company's stock valued at $1,004,000 after purchasing an additional 5,719 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Braze by 42.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,904 shares of the company's stock worth $579,000 after purchasing an additional 5,355 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in Braze by 22.7% in the third quarter. MetLife Investment Management LLC now owns 37,644 shares of the company's stock worth $1,217,000 after purchasing an additional 6,955 shares in the last quarter. 90.47% of the stock is currently owned by institutional investors.

Insider Activity at Braze

In other news, major shareholder Roger H. Lee sold 56,830 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $30.27, for a total value of $1,720,244.10. Following the sale, the insider now directly owns 56,830 shares of the company's stock, valued at approximately $1,720,244.10. This represents a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Myles Kleeger sold 9,225 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.45, for a total transaction of $317,801.25. Following the sale, the insider now directly owns 190,738 shares in the company, valued at $6,570,924.10. This trade represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,980 shares of company stock worth $4,339,005. Corporate insiders own 24.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Braze from $55.00 to $47.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Wells Fargo & Company decreased their target price on Braze from $65.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, November 26th. Macquarie increased their price target on Braze from $30.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, December 11th. William Blair restated an "outperform" rating on shares of Braze in a report on Thursday. Finally, Piper Sandler increased their target price on Braze from $40.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, December 10th. One analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.74.

Braze Trading Up 0.7 %

Shares of BRZE stock traded up $0.31 on Friday, hitting $44.31. 2,463,202 shares of the stock were exchanged, compared to its average volume of 1,100,494. Braze, Inc. has a one year low of $29.18 and a one year high of $61.53. The firm's 50 day moving average is $36.25 and its two-hundred day moving average is $37.46. The firm has a market capitalization of $4.55 billion, a PE ratio of -38.87 and a beta of 1.15.

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.