Braze (NASDAQ:BRZE) Price Target Cut to $50.00 by Analysts at Wells Fargo & Company

Braze (NASDAQ:BRZE - Get Free Report) had its target price reduced by equities research analysts at Wells Fargo & Company from $55.00 to $50.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 27.75% from the company's previous close.

BRZE has been the topic of a number of other reports. DA Davidson cut their price target on Braze from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, December 10th. Stifel Nicolaus increased their target price 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. Oppenheimer reiterated an "outperform" rating and set a $51.00 price objective on shares of Braze in a report on Tuesday, December 10th. Piper Sandler increased their price objective on shares of Braze from $40.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 10th. Finally, William Blair reaffirmed an "outperform" rating on shares of Braze in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $52.45.

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Braze Stock Performance

Shares of BRZE stock traded up $1.03 during mid-day trading on Friday, hitting $39.14. The company's stock had a trading volume of 1,411,492 shares, compared to its average volume of 1,123,535. The company has a market cap of $4.05 billion, a PE ratio of -34.33 and a beta of 1.17. The company's fifty day simple moving average is $40.07 and its 200-day simple moving average is $37.99. Braze has a 52 week low of $29.18 and a 52 week high of $51.20.

Insider Activity

In other Braze news, CAO Pankaj Malik sold 3,700 shares of the company's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $45.77, for a total value 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. This represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Susan Wiseman sold 14,000 shares of Braze stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $45.52, for a total transaction of $637,280.00. Following the transaction, the general counsel now directly owns 199,520 shares in the company, valued at approximately $9,082,150.40. This represents a 6.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,470 shares of company stock worth $3,841,921 over the last quarter. Insiders own 24.03% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BRZE. Wellington Management Group LLP bought a new stake in shares of Braze during the 4th quarter worth $50,000,000. California State Teachers Retirement System raised its position in Braze by 4.7% in the fourth quarter. California State Teachers Retirement System now owns 58,125 shares of the company's stock worth $2,434,000 after acquiring an additional 2,605 shares during the period. Jefferies Financial Group Inc. purchased a new position in Braze in the fourth quarter valued at about $1,868,000. State of Wyoming bought a new position in shares of Braze during the 4th quarter valued at approximately $197,000. Finally, ProShare Advisors LLC increased its stake in shares of Braze by 33.8% during the 4th quarter. ProShare Advisors LLC now owns 24,536 shares of the company's stock worth $1,028,000 after purchasing an additional 6,200 shares during the last quarter. Institutional investors own 90.47% 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.