Braze (NASDAQ:BRZE) Price Target Lowered to $40.00 at Wells Fargo & Company

Braze (NASDAQ:BRZE) had its price target decreased by Wells Fargo & Company from $55.00 to $40.00 in a research report report published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages also recently issued reports on BRZE. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Braze in a report on Friday, March 28th. Raymond James lifted their target price on Braze from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, March 28th. Stifel Nicolaus set a $50.00 price target on Braze and gave the company a “buy” rating in a research note on Friday, March 28th. DA Davidson reduced their price objective on Braze from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Citigroup upped their price objective on Braze from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, March 28th. One investment analyst has rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $51.75.

Braze Price Performance

Shares of NASDAQ BRZE opened at $27.93 on Tuesday. The stock has a market cap of $2.92 billion, a PE ratio of -24.50 and a beta of 1.13. Braze has a 1 year low of $27.45 and a 1 year high of $48.33. The firm has a fifty day moving average price of $34.70 and a 200-day moving average price of $37.61.

Braze (NASDAQ:BRZE) last issued its quarterly 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 analyst estimates of $155.72 million. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. Braze’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.04) EPS. On average, research analysts expect that Braze will post -0.98 EPS for the current year.

Insider Transactions at Braze

In other news, CAO Pankaj Malik sold 2,585 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total value of $105,519.70. Following the completion of the sale, the chief accounting officer now owns 52,199 shares of the company’s stock, valued at $2,130,763.18. This trade represents a 4.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Magnuson sold 18,050 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total value of $736,801.00. Following the transaction, the chief executive officer now owns 564,766 shares in the company, valued at approximately $23,053,748.12. This trade represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,937 shares of company stock valued at $2,707,581 in the last 90 days. Insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its position in Braze by 168.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 646 shares of the company’s stock worth $27,000 after purchasing an additional 405 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Braze by 236.1% during the first quarter. GAMMA Investing LLC now owns 736 shares of the company’s stock valued at $27,000 after buying an additional 517 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Braze by 9,188.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 836 shares of the company’s stock valued at $35,000 after acquiring an additional 827 shares during the period. EverSource Wealth Advisors LLC lifted its position in Braze by 8,436.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 939 shares of the company’s stock worth $39,000 after acquiring an additional 928 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in Braze in the fourth quarter valued at approximately $47,000. 90.47% of the stock is owned by hedge funds and other institutional investors.

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.