Braze (NASDAQ:BRZE) Shares Gap Up Following Better-Than-Expected Earnings

Braze, Inc. (NASDAQ:BRZEGet Free Report)’s share price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $36.78, but opened at $41.48. Braze shares last traded at $37.88, with a volume of 408,735 shares.

The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.01. The business had revenue of $135.46 million during the quarter, compared to analyst estimates of $131.56 million. Braze had a negative return on equity of 28.24% and a negative net margin of 27.44%.

Wall Street Analysts Forecast Growth

BRZE has been the subject of a number of research reports. UBS Group upgraded shares of Braze from a “neutral” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Thursday, March 21st. William Blair reiterated an “outperform” rating on shares of Braze in a research report on Thursday, March 28th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 target price on shares of Braze in a research report on Friday. Piper Sandler reduced their price target on shares of Braze from $66.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday. Finally, BTIG Research dropped their price objective on shares of Braze from $68.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, May 31st. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Braze has a consensus rating of “Moderate Buy” and a consensus target price of $59.94.

Get Our Latest Stock Analysis on Braze

Insider Buying and Selling

In other Braze news, CFO Isabelle Winkles sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $40.93, for a total transaction of $184,185.00. Following the sale, the chief financial officer now directly owns 258,681 shares of the company’s stock, valued at $10,587,813.33. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Braze news, CFO Isabelle Winkles sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.93, for a total value of $184,185.00. Following the completion of the transaction, the chief financial officer now directly owns 258,681 shares in the company, valued at approximately $10,587,813.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Pankaj Malik sold 2,746 shares of Braze stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.76, for a total transaction of $114,672.96. Following the sale, the chief accounting officer now owns 79,253 shares in the company, valued at approximately $3,309,605.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,114 shares of company stock valued at $3,344,997. Company insiders own 24.03% of the company’s stock.

Institutional Investors Weigh In On Braze

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fred Alger Management LLC purchased a new stake in Braze during the 3rd quarter valued at $29,000. Neo Ivy Capital Management purchased a new stake in shares of Braze in the fourth quarter valued at $40,000. Covestor Ltd lifted its holdings in shares of Braze by 401.1% in the 1st quarter. Covestor Ltd now owns 922 shares of the company’s stock worth $41,000 after acquiring an additional 738 shares during the last quarter. Canton Hathaway LLC purchased a new position in shares of Braze during the 4th quarter worth about $42,000. Finally, Comerica Bank grew its holdings in Braze by 29.4% during the 1st quarter. Comerica Bank now owns 1,216 shares of the company’s stock valued at $54,000 after purchasing an additional 276 shares during the last quarter. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

Braze Trading Down 0.4 %

The stock’s 50-day moving average is $41.15 and its two-hundred day moving average is $49.55. The company has a market capitalization of $3.70 billion, a PE ratio of -27.48 and a beta of 1.06.

Braze Company Profile

(Get Free Report)

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.

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