Cadian Capital Management LP Invests $35.13 Million in Braze, Inc. (NASDAQ:BRZE)

Cadian Capital Management LP purchased a new position in shares of Braze, Inc. (NASDAQ:BRZEGet Rating) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 847,000 shares of the company’s stock, valued at approximately $35,125,000. Braze makes up 1.8% of Cadian Capital Management LP’s portfolio, making the stock its 14th biggest position.

Other hedge funds also recently made changes to their positions in the company. Northern Trust Corp bought a new position in shares of Braze in the first quarter valued at $762,000. Charles Schwab Investment Management Inc. bought a new position in shares of Braze in the first quarter valued at $2,087,000. Vanguard Group Inc. grew its stake in shares of Braze by 21.8% in the first quarter. Vanguard Group Inc. now owns 695,917 shares of the company’s stock valued at $28,860,000 after buying an additional 124,741 shares in the last quarter. Blair William & Co. IL grew its stake in shares of Braze by 8.7% in the first quarter. Blair William & Co. IL now owns 10,220 shares of the company’s stock valued at $424,000 after buying an additional 820 shares in the last quarter. Finally, Strategic Vision Investment Ltd bought a new position in shares of Braze in the first quarter valued at $850,000. 39.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BRZE. Oppenheimer decreased their target price on shares of Braze from $60.00 to $37.00 and set an “outperform” rating for the company in a research note on Tuesday, June 14th. Cowen reduced their price objective on shares of Braze from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Thursday, June 23rd. Barclays reduced their price objective on shares of Braze from $75.00 to $50.00 and set an “overweight” rating for the company in a research report on Wednesday, June 15th. The Goldman Sachs Group reduced their price objective on shares of Braze from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Finally, Cowen reduced their price objective on shares of Braze from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Thursday, June 23rd. Sixteen investment analysts have rated the stock with a buy rating, According to MarketBeat, Braze has a consensus rating of “Buy” and an average target price of $52.80.

Braze Price Performance

BRZE opened at $43.34 on Friday. Braze, Inc. has a fifty-two week low of $27.09 and a fifty-two week high of $98.78. The stock has a fifty day moving average of $44.17 and a 200-day moving average of $39.86.

Braze (NASDAQ:BRZEGet Rating) last posted its earnings results on Monday, June 13th. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.07. The firm had revenue of $77.50 million for the quarter, compared to analyst estimates of $72.50 million. On average, equities research analysts predict that Braze, Inc. will post -1.5 earnings per share for the current fiscal year.

Insider Activity at Braze

In related news, insider Myles Kleeger sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $38.48, for a total value of $384,800.00. Following the completion of the transaction, the insider now owns 60,000 shares of the company’s stock, valued at $2,308,800. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Pankaj Malik sold 1,997 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $49.63, for a total value of $99,111.11. Following the completion of the transaction, the chief accounting officer now owns 78,363 shares of the company’s stock, valued at $3,889,155.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Myles Kleeger sold 10,000 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $38.48, for a total transaction of $384,800.00. Following the completion of the transaction, the insider now directly owns 60,000 shares of the company’s stock, valued at approximately $2,308,800. The disclosure for this sale can be found here. Insiders sold a total of 219,348 shares of company stock valued at $8,914,916 over the last quarter. 32.14% of the stock is owned by corporate insiders.

Braze Profile

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Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. It offers data ingestion products, such as Braze software development kits that automatically manage data ingestion and the delivery of mobile and web notifications, in-application/in-browser interstitial messages, and content cards, as well as can be integrated into a range of digital interfaces and application development frameworks; REST API that can be used to import or export data or to trigger workflows between Braze and brands' existing technology stacks; and partner cohort syncing, which allow brands to sync user cohorts from partners.

Further Reading

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Institutional Ownership by Quarter for Braze (NASDAQ:BRZE)

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