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

Needham & Company LLC reiterated their buy rating on shares of Braze (NASDAQ:BRZE) in a research report released on Wednesday morning,Benzinga reports. They currently have a $50.00 target price on the stock.

A number of other research analysts have also recently weighed in on the company. William Blair reaffirmed an “outperform” rating on shares of Braze in a research report on Thursday, December 19th. Citigroup raised their target price on shares of Braze from $47.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. DA Davidson dropped their price target on shares of Braze from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, December 10th. Oppenheimer restated an “outperform” rating and set a $51.00 price objective on shares of Braze in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group lowered their target price on shares of Braze from $65.00 to $47.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Braze has a consensus rating of “Moderate Buy” and a consensus target price of $53.74.

Braze Stock Up 4.6 %

Shares of Braze stock opened at $43.77 on Wednesday. The stock’s fifty day moving average is $40.85 and its 200 day moving average is $38.42. Braze has a one year low of $29.18 and a one year high of $61.53.

Insider Activity at Braze

In other Braze news, General Counsel Susan Wiseman sold 41,210 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $45.09, for a total transaction of $1,858,158.90. Following the sale, the general counsel now directly owns 199,520 shares in the company, valued at $8,996,356.80. This represents a 17.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Pankaj Malik sold 3,700 shares of the firm’s stock in a transaction that occurred on 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 $2,507,463.68. The trade was a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,083 shares of company stock valued at $7,260,773. 24.03% of the stock is owned by corporate insiders.

Institutional Trading of Braze

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in Braze by 146.9% during the third quarter. JPMorgan Chase & Co. now owns 1,808,577 shares of the company’s stock worth $58,489,000 after buying an additional 1,075,998 shares during the period. Stephens Investment Management Group LLC purchased a new position in shares of Braze during the 3rd quarter worth about $20,794,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Braze by 69.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock valued at $48,319,000 after purchasing an additional 612,400 shares during the last quarter. Granite Investment Partners LLC purchased a new stake in Braze in the 2nd quarter worth about $12,925,000. Finally, State Street Corp lifted its stake in Braze by 21.5% in the third quarter. State Street Corp now owns 1,575,701 shares of the company’s stock worth $50,958,000 after purchasing an additional 279,050 shares during the last quarter. Hedge funds and other 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.