Braze’s (BRZE) “Buy” Rating Reiterated 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 to investors on Tuesday, Benzinga reports. They currently have a $70.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 116.32% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. BTIG Research dropped their price target on Braze from $68.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Piper Sandler reissued an “overweight” rating and issued a $51.00 target price on shares of Braze in a research report on Friday, September 6th. JMP Securities reaffirmed a “market outperform” rating and set a $68.00 price target on shares of Braze in a research report on Friday, September 6th. DA Davidson reissued a “buy” rating and issued a $65.00 price objective on shares of Braze in a report on Friday, September 6th. Finally, Barclays reduced their target price on shares of Braze from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Eighteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $59.18.

Braze Stock Performance

Shares of NASDAQ:BRZE opened at $32.36 on Tuesday. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -25.28 and a beta of 1.07. The business has a 50-day simple moving average of $40.02 and a two-hundred day simple moving average of $41.01. Braze has a fifty-two week low of $31.80 and a fifty-two week high of $61.53.

Braze (NASDAQ:BRZE) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The firm had revenue of $145.50 million during the quarter, compared to analysts’ expectations of $141.32 million. During the same period in the previous year, the company earned ($0.30) earnings per share. The firm’s quarterly revenue was up 26.4% on a year-over-year basis. As a group, research analysts predict that Braze will post -1.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Isabelle Winkles sold 4,500 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $39.06, for a total value of $175,770.00. Following the transaction, the chief financial officer now directly owns 242,627 shares in the company, valued at $9,477,010.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, General Counsel Susan Wiseman sold 3,447 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $44.00, for a total transaction of $151,668.00. Following the completion of the transaction, the general counsel now directly owns 206,930 shares of the company’s stock, valued at $9,104,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Isabelle Winkles sold 4,500 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $39.06, for a total transaction of $175,770.00. Following the completion of the sale, the chief financial officer now owns 242,627 shares in the company, valued at approximately $9,477,010.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 188,727 shares of company stock worth $8,140,693. Corporate insiders own 24.03% of the company’s stock.

Institutional Investors Weigh In On Braze

Several large investors have recently made changes to their positions in BRZE. Principal Financial Group Inc. boosted its stake in Braze by 24.9% during the fourth quarter. Principal Financial Group Inc. now owns 116,989 shares of the company’s stock valued at $6,216,000 after buying an additional 23,322 shares during the last quarter. Norges Bank purchased a new stake in shares of Braze during the 4th quarter worth approximately $37,584,000. Assetmark Inc. bought a new position in shares of Braze during the 4th quarter valued at approximately $580,000. US Bancorp DE boosted its position in shares of Braze by 2,518.1% during the 4th quarter. US Bancorp DE now owns 11,729 shares of the company’s stock valued at $623,000 after acquiring an additional 11,281 shares during the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new position in shares of Braze in the fourth quarter valued at $759,000. 90.47% of the stock is owned by institutional investors.

Braze Company 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.