Wellington Management Group LLP Acquires New Position in Braze, Inc. (NASDAQ:BRZE)

Wellington Management Group LLP bought a new position in Braze, Inc. (NASDAQ:BRZE) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,193,893 shares of the company’s stock, valued at approximately $50,000,000. Wellington Management Group LLP owned approximately 1.15% of Braze at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Braze by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company’s stock worth $354,479,000 after purchasing an additional 1,476,423 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Braze by 27.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,309,244 shares of the company’s stock worth $96,711,000 after purchasing an additional 500,667 shares during the period. State Street Corp increased its position in shares of Braze by 21.5% during the 3rd 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. Geode Capital Management LLC lifted its position in Braze by 18.1% in the third quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock valued at $48,428,000 after buying an additional 229,660 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Braze during the fourth quarter valued at about $62,639,000. Hedge funds and other institutional investors own 90.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BRZE shares. Wells Fargo & Company reaffirmed an “overweight” rating and set a $55.00 price objective (up previously from $50.00) on shares of Braze in a research report on Friday, March 28th. Raymond James boosted their price objective on Braze from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, March 28th. Citigroup raised their target price on Braze from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, March 28th. Piper Sandler boosted their price target on shares of Braze from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. Finally, Oppenheimer restated an “outperform” rating and issued a $51.00 price objective on shares of Braze in a report on Tuesday, December 10th. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $53.00.

Insider Activity at Braze

In related news, Director Phillip M. Fernandez sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $43.13, for a total value of $64,695.00. Following the sale, the director now owns 15,269 shares in the company, valued at $658,551.97. This represents a 8.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Pankaj Malik sold 3,700 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $45.77, for a total value of $169,349.00. Following the sale, the chief accounting officer now owns 54,784 shares in the company, valued at approximately $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. Insiders sold 90,970 shares of company stock worth $3,904,111 over the last 90 days. Company insiders own 24.03% of the company’s stock.

Braze Stock Performance

Shares of BRZE opened at $30.98 on Friday. Braze, Inc. has a 1 year low of $29.18 and a 1 year high of $48.33. The stock has a market capitalization of $3.24 billion, a P/E ratio of -27.18 and a beta of 1.13. The company’s fifty day moving average is $38.61 and its two-hundred day moving average is $37.99.

Braze (NASDAQ:BRZE) last issued its earnings results on Thursday, March 27th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.07. The business had revenue of $160.40 million during the quarter, compared to the consensus estimate of $155.72 million. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) EPS. Sell-side analysts predict that Braze, Inc. will post -0.98 EPS for the current year.

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.