Braze, Inc. (NASDAQ:BRZE) Sees Large Increase in Short Interest

Braze, Inc. (NASDAQ:BRZE) saw a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 5,220,000 shares, a growth of 34.2% from the July 31st total of 3,890,000 shares. Based on an average daily volume of 894,200 shares, the short-interest ratio is presently 5.8 days. Approximately 10.1% of the shares of the company are sold short.

Insider Transactions at Braze

In other news, CTO Jonathan Hyman sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $42.49, for a total transaction of $849,800.00. Following the transaction, the chief technology officer now owns 133,424 shares of the company’s stock, valued at approximately $5,669,185.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Myles Kleeger sold 8,357 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $40.27, for a total transaction of $336,536.39. Following the completion of the transaction, the insider now owns 184,918 shares of the company’s stock, valued at $7,446,647.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Jonathan Hyman sold 20,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $42.49, for a total transaction of $849,800.00. Following the transaction, the chief technology officer now owns 133,424 shares of the company’s stock, valued at $5,669,185.76. The disclosure for this sale can be found here. Insiders have sold 513,829 shares of company stock worth $22,031,629 in the last ninety days. Company insiders own 26.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BRZE. Canton Hathaway LLC purchased a new position in shares of Braze in the second quarter valued at about $35,000. Parallel Advisors LLC bought a new position in Braze in the 4th quarter worth approximately $36,000. Royal Bank of Canada grew its holdings in Braze by 189.3% during the 3rd quarter. Royal Bank of Canada now owns 1,160 shares of the company’s stock valued at $40,000 after buying an additional 759 shares in the last quarter. State of Wyoming bought a new stake in shares of Braze during the second quarter valued at approximately $73,000. Finally, Metropolitan Life Insurance Co NY bought a new position in shares of Braze during the second quarter worth $83,000. Institutional investors own 49.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BRZE shares. DA Davidson reissued a “neutral” rating and issued a $35.00 target price on shares of Braze in a research note on Monday. Wells Fargo & Company raised their target price on Braze from $37.00 to $43.00 in a research note on Friday, June 9th. Canaccord Genuity Group boosted their price objective on shares of Braze from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Thursday, July 13th. Scotiabank started coverage on Braze in a research note on Wednesday, May 17th. They issued a “sector perform” rating and a $34.00 target price on the stock. Finally, Piper Sandler increased their price target on shares of Braze from $40.00 to $45.00 in a report on Friday, June 9th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Braze has a consensus rating of “Moderate Buy” and a consensus target price of $43.47.

Braze Stock Up 3.6 %

BRZE stock opened at $42.99 on Wednesday. The business’s 50-day moving average price is $42.37 and its 200-day moving average price is $35.92. The stock has a market cap of $4.20 billion, a P/E ratio of -29.65 and a beta of 1.06. Braze has a twelve month low of $22.53 and a twelve month high of $45.72.

Braze (NASDAQ:BRZE) last released its earnings results on Thursday, June 8th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.05. The company had revenue of $101.80 million for the quarter, compared to analysts’ expectations of $98.77 million. Braze had a negative net margin of 36.38% and a negative return on equity of 30.00%. The firm’s revenue was up 31.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.37) EPS. On average, equities research analysts expect that Braze will post -1.53 earnings per share for the current fiscal year.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.