Braze (NASDAQ:BRZE) Trading Down 3.6% After Insider Selling

Braze, Inc. (NASDAQ:BRZE) traded down 3.6% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $30.01 and last traded at $30.50. 152,461 shares were traded during trading, a decline of 85% from the average session volume of 1,022,892 shares. The stock had previously closed at $31.63.

Specifically, major shareholder Roger H. Lee sold 56,830 shares of Braze stock in a transaction on 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 owns 56,830 shares of the company’s stock, valued at approximately $1,720,244.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler dropped their target price on Braze from $51.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. DA Davidson dropped their price objective on shares of Braze from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. JMP Securities reaffirmed a “market outperform” rating and set a $68.00 target price on shares of Braze in a research note on Tuesday, September 24th. Barclays dropped their price target on shares of Braze from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target on shares of Braze in a research report on Tuesday, September 24th. Eighteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $58.53.

Braze Price Performance

The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -23.64 and a beta of 1.03. The business’s 50 day moving average is $37.10 and its 200 day moving average is $38.91.

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

Hedge Funds Weigh In On Braze

A number of hedge funds have recently modified their holdings of BRZE. Vanguard Group Inc. grew its position in Braze by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock worth $261,146,000 after purchasing an additional 148,366 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in shares of Braze by 6.6% during the first quarter. Champlain Investment Partners LLC now owns 2,084,805 shares of the company’s stock worth $92,357,000 after buying an additional 128,645 shares during the last quarter. Fiera Capital Corp grew its holdings in shares of Braze by 1.0% during the second quarter. Fiera Capital Corp now owns 780,630 shares of the company’s stock worth $30,320,000 after buying an additional 7,570 shares during the last quarter. Bank of New York Mellon Corp increased its position in Braze by 18.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 477,699 shares of the company’s stock valued at $18,554,000 after acquiring an additional 73,764 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Braze by 10.9% during the 2nd quarter. Victory Capital Management Inc. now owns 391,977 shares of the company’s stock valued at $15,224,000 after acquiring an additional 38,504 shares during the last quarter. 90.47% of the stock is currently owned by hedge funds and other 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.