Needham & Company LLC Reaffirms “Buy” Rating for Braze (NASDAQ:BRZE)

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They presently have a $50.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 17.30% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Piper Sandler boosted their target price on Braze from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. Stifel Nicolaus boosted their target price on Braze from $37.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Oppenheimer restated an “outperform” rating and issued a $51.00 target price on shares of Braze in a research note on Tuesday, December 10th. DA Davidson cut their target price on Braze from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, December 10th. Finally, Macquarie upped their price objective on Braze from $30.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. One research analyst has rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, Braze currently has a consensus rating of “Moderate Buy” and an average price target of $53.74.

Braze Trading Down 7.3 %

Braze stock traded down $3.36 during midday trading on Monday, reaching $42.63. The stock had a trading volume of 922,825 shares, compared to its average volume of 1,035,391. Braze has a 12 month low of $29.18 and a 12 month high of $61.53. The company has a market capitalization of $4.41 billion, a P/E ratio of -37.40 and a beta of 1.13. The company has a fifty day moving average price of $43.08 and a two-hundred day moving average price of $38.92.

Insider Buying and Selling at Braze

In related news, insider Myles Kleeger sold 9,225 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $34.45, for a total transaction of $317,801.25. Following the completion of the sale, the insider now owns 190,738 shares of the company’s stock, valued at $6,570,924.10. This trade represents a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Susan Wiseman sold 41,210 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were 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 of the company’s stock, valued at $8,996,356.80. This trade represents a 17.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 184,583 shares of company stock valued at $7,797,668. Corporate insiders own 24.03% of the company’s stock.

Institutional Investors Weigh In On Braze

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in Braze by 146.9% in the 3rd 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 bought a new position in Braze in the 3rd quarter worth $20,794,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Braze by 69.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock worth $48,319,000 after buying an additional 612,400 shares during the period. State Street Corp boosted its holdings in Braze by 21.5% in the 3rd quarter. State Street Corp now owns 1,575,701 shares of the company’s stock worth $50,958,000 after buying an additional 279,050 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock worth $48,428,000 after buying an additional 229,660 shares during the period. Institutional investors own 90.47% of the company’s stock.

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.