JPMorgan Chase & Co. Grows Stake in Braze, Inc. (NASDAQ:BRZE)

JPMorgan Chase & Co. boosted its stake in Braze, Inc. (NASDAQ:BRZE) by 146.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,808,577 shares of the company’s stock after buying an additional 1,075,998 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.75% of Braze worth $58,489,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Stephens Investment Management Group LLC acquired a new position in Braze during the third quarter worth about $20,794,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Braze by 69.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock worth $48,319,000 after purchasing an additional 612,400 shares in the last quarter. Granite Investment Partners LLC acquired a new position in shares of Braze during the 2nd quarter worth approximately $12,925,000. State Street Corp grew its position in shares of Braze by 21.5% in the third quarter. State Street Corp now owns 1,575,701 shares of the company’s stock valued at $50,958,000 after purchasing an additional 279,050 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Braze in the second quarter valued at approximately $10,166,000. 90.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BRZE shares. Needham & Company LLC restated a “buy” rating and issued a $50.00 target price (down from $70.00) on shares of Braze in a report on Tuesday, December 10th. The Goldman Sachs Group cut their price objective on shares of Braze from $65.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Oppenheimer reiterated an “outperform” rating and issued a $51.00 target price on shares of Braze in a report on Tuesday, December 10th. JMP Securities restated a “market outperform” rating and set a $68.00 price target on shares of Braze in a report on Tuesday, September 24th. Finally, UBS Group decreased their price objective on Braze from $56.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.74.

Insider Activity

In other news, CAO Pankaj Malik sold 3,432 shares of Braze stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.45, for a total transaction of $118,232.40. Following the completion of the sale, the chief accounting officer now directly owns 67,095 shares of the company’s stock, valued at approximately $2,311,422.75. The trade was a 4.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Fernando Machado sold 1,377 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $30.65, for a total value of $42,205.05. Following the completion of the transaction, the director now directly owns 8,937 shares in the company, valued at $273,919.05. This trade represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 203,590 shares of company stock worth $7,762,293. 24.03% of the stock is currently owned by company insiders.

Braze Trading Up 3.4 %

Braze stock opened at $44.87 on Friday. The firm has a market capitalization of $4.64 billion, a P/E ratio of -39.36 and a beta of 1.15. The stock’s fifty day simple moving average is $38.99 and its 200-day simple moving average is $38.00. Braze, Inc. has a twelve month low of $29.18 and a twelve month high of $61.53.

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.