Braze’s (BRZE) “Buy” Rating Reaffirmed at Needham & Company LLC

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $70.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 58.62% from the stock’s previous close.

A number of other brokerages have also recently issued reports on BRZE. TD Cowen decreased their target price on Braze from $65.00 to $52.00 and set a “buy” rating for the company in a report on Friday, May 31st. BTIG Research dropped their price objective on shares of Braze from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Raymond James reduced their target price on shares of Braze from $65.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, June 7th. Piper Sandler lowered their price target on Braze from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Finally, Scotiabank upgraded Braze from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $48.00 to $56.00 in a research note on Wednesday, July 10th. Seventeen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Braze currently has a consensus rating of “Buy” and an average target price of $60.50.

Braze Price Performance

Shares of BRZE stock opened at $44.13 on Friday. The firm’s 50-day simple moving average is $41.27 and its 200-day simple moving average is $43.17. Braze has a 1-year low of $33.93 and a 1-year high of $61.53. The firm has a market cap of $4.48 billion, a P/E ratio of -34.48 and a beta of 1.07.

Braze (NASDAQ:BRZE) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.12. The firm had revenue of $145.50 million during the quarter, compared to analyst estimates of $141.32 million. Braze had a negative net margin of 25.06% and a negative return on equity of 27.85%. Braze’s revenue for the quarter was up 26.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.30) earnings per share. Analysts expect that Braze will post -1.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Myles Kleeger sold 50,000 shares of Braze stock in a transaction on Monday, August 26th. The shares were sold at an average price of $45.65, for a total value of $2,282,500.00. Following the completion of the sale, the insider now owns 199,963 shares in the company, valued at $9,128,310.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Myles Kleeger sold 50,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.65, for a total transaction of $2,282,500.00. Following the transaction, the insider now owns 199,963 shares of the company’s stock, valued at $9,128,310.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Pankaj Malik sold 2,618 shares of Braze stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $35.23, for a total value of $92,232.14. Following the completion of the transaction, the chief accounting officer now owns 76,623 shares of the company’s stock, valued at $2,699,428.29. The disclosure for this sale can be found here. Insiders have sold 187,898 shares of company stock worth $8,081,257 in the last three months. 24.03% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BRZE. Neo Ivy Capital Management acquired a new stake in Braze during the fourth quarter worth about $40,000. Covestor Ltd raised its position in shares of Braze by 401.1% during the 1st quarter. Covestor Ltd now owns 922 shares of the company’s stock worth $41,000 after purchasing an additional 738 shares during the period. Comerica Bank raised its position in shares of Braze by 29.4% during the 1st quarter. Comerica Bank now owns 1,216 shares of the company’s stock worth $54,000 after purchasing an additional 276 shares during the period. Quarry LP acquired a new position in Braze during the 2nd quarter valued at approximately $50,000. Finally, RiverPark Advisors LLC boosted its position in Braze by 360.9% during the 1st quarter. RiverPark Advisors LLC now owns 1,802 shares of the company’s stock valued at $80,000 after purchasing an additional 1,411 shares during the period. 90.47% of the stock is owned by institutional investors and hedge funds.

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.