Canaccord Genuity Group Forecasts Strong Price Appreciation for Braze (NASDAQ:BRZE) Stock

Braze (NASDAQ:BRZE) had its target price upped by analysts at Canaccord Genuity Group from $45.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 33.30% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Macquarie upped their target price on shares of Braze from $30.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Raymond James reduced their price objective on shares of Braze from $48.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, March 20th. Stifel Nicolaus set a $50.00 target price on shares of Braze and gave the stock a “buy” rating in a research note on Friday. Stephens began coverage on Braze in a report on Wednesday, March 19th. They set an “overweight” rating and a $43.00 price target for the company. Finally, Citigroup increased their price objective on Braze from $47.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Braze has a consensus rating of “Buy” and a consensus price target of $53.00.

Braze Trading Up 2.2 %

Shares of NASDAQ BRZE opened at $37.51 on Friday. The stock has a market capitalization of $3.88 billion, a PE ratio of -32.90 and a beta of 1.17. Braze has a twelve month low of $29.18 and a twelve month high of $48.33. The stock has a fifty day simple moving average of $39.66 and a 200-day simple moving average of $38.01.

Braze (NASDAQ:BRZE) last announced its quarterly earnings data on Thursday, March 27th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.07. Braze had a negative net margin of 20.41% and a negative return on equity of 24.88%. The firm had revenue of $160.40 million during the quarter, compared to analysts’ expectations of $155.72 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, equities analysts predict that Braze will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In other Braze news, CEO William Magnuson sold 18,050 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total transaction of $736,801.00. Following the sale, the chief executive officer now owns 564,766 shares in the company, valued at approximately $23,053,748.12. This represents a 3.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Susan Wiseman sold 14,000 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $45.52, for a total value of $637,280.00. Following the completion of the transaction, the general counsel now directly owns 199,520 shares of the company’s stock, valued at approximately $9,082,150.40. This trade represents a 6.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 89,470 shares of company stock worth $3,841,921 in the last quarter. Company insiders own 24.03% of the company’s stock.

Institutional Investors Weigh In On Braze

A number of hedge funds and other institutional investors have recently modified their holdings of BRZE. ShawSpring Partners LLC purchased a new position in shares of Braze during the fourth quarter valued at approximately $62,837,000. Norges Bank purchased a new position in shares of Braze during the 4th quarter worth $62,639,000. Vanguard Group Inc. boosted its holdings in shares of Braze by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company’s stock worth $354,479,000 after purchasing an additional 1,476,423 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Braze by 121.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,197,407 shares of the company’s stock valued at $92,028,000 after purchasing an additional 1,203,149 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Braze during the fourth quarter worth about $50,000,000. 90.47% of the stock is currently 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.