Braze (NASDAQ:BRZE) Price Target Raised to $52.00

Braze (NASDAQ:BRZE) had its price objective increased by Citigroup from $50.00 to $52.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently commented on BRZE. Cantor Fitzgerald boosted their price target on Braze from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group dropped their price target on Braze from $48.00 to $43.00 and set a “buy” rating for the company in a research report on Friday. JMP Securities reiterated a “market outperform” rating and set a $68.00 price target on shares of Braze in a research report on Friday. Loop Capital dropped their target price on Braze from $75.00 to $45.00 and set a “buy” rating for the company in a report on Friday, June 6th. Finally, Mizuho upped their target price on Braze from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday. Twenty equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.85.

Braze Stock Performance

Shares of BRZE opened at $31.42 on Friday. Braze has a one year low of $23.91 and a one year high of $48.33. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of -30.21 and a beta of 1.10. The stock has a 50 day moving average price of $27.32 and a 200 day moving average price of $30.98.

Braze (NASDAQ:BRZE) last issued its quarterly earnings results on Thursday, June 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Braze had a negative return on equity of 19.21% and a negative net margin of 16.62%.The firm had revenue of $162.06 million during the quarter, compared to analysts’ expectations of $158.60 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, analysts predict that Braze will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO William Magnuson sold 24,325 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $25.94, for a total transaction of $630,990.50. Following the completion of the transaction, the chief executive officer directly owned 721,444 shares in the company, valued at $18,714,257.36. This trade represents a 3.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Susan Wiseman sold 4,988 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $25.94, for a total value of $129,388.72. Following the transaction, the general counsel owned 234,667 shares of the company’s stock, valued at $6,087,261.98. This trade represents a 2.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,354 shares of company stock worth $1,914,998. Corporate insiders own 18.20% of the company’s stock.

Hedge Funds Weigh In On Braze

A number of hedge funds and other institutional investors have recently bought and sold shares of BRZE. Westfield Capital Management Co. LP purchased a new position in Braze during the 1st quarter valued at about $54,644,000. Fuller & Thaler Asset Management Inc. purchased a new position in Braze during the 1st quarter valued at about $50,988,000. Wellington Management Group LLP purchased a new position in Braze during the 4th quarter valued at about $50,000,000. Nuveen LLC purchased a new position in Braze during the 1st quarter valued at about $35,393,000. Finally, Norges Bank purchased a new position in Braze during the 2nd quarter valued at about $24,467,000. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

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.