Citigroup Forecasts Strong Price Appreciation for Braze (NASDAQ:BRZE) Stock

Braze (NASDAQ:BRZE) had its price objective hoisted by analysts at Citigroup from $50.00 to $55.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 46.63% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company restated an “overweight” rating and issued a $55.00 price target (up previously from $50.00) on shares of Braze in a research report on Friday. Stephens initiated coverage on Braze in a report on Wednesday, March 19th. They issued an “overweight” rating and a $43.00 target price on the stock. Macquarie increased their price target on Braze from $30.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Oppenheimer reissued an “outperform” rating and issued a $51.00 price objective on shares of Braze in a research note on Tuesday, December 10th. Finally, Stifel Nicolaus set a $50.00 price objective on shares of Braze and gave the stock a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Braze has an average rating of “Buy” and a consensus price target of $53.00.

Braze Trading Up 2.2 %

BRZE stock opened at $37.51 on Friday. The company has a market capitalization of $3.88 billion, a P/E ratio of -32.90 and a beta of 1.17. The business has a 50 day simple moving average of $39.66 and a 200-day simple moving average of $38.01. Braze has a twelve month low of $29.18 and a twelve month high of $48.33.

Braze (NASDAQ:BRZE) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.12 earnings per share for the quarter, topping 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 prior year, the business earned ($0.04) EPS. Braze’s quarterly revenue was up 22.4% compared to the same quarter last year. Research analysts predict that Braze will post -0.98 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Susan Wiseman sold 14,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $45.52, for a total value of $637,280.00. Following the sale, the general counsel now directly owns 199,520 shares of the company’s stock, valued at approximately $9,082,150.40. This represents a 6.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Magnuson sold 18,050 shares of Braze stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total transaction of $736,801.00. Following the transaction, the chief executive officer now owns 564,766 shares of the company’s stock, valued at approximately $23,053,748.12. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,470 shares of company stock worth $3,841,921 over the last 90 days. 24.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Braze

A number of institutional investors and hedge funds have recently bought and sold shares of BRZE. Charles Schwab Investment Management Inc. raised its holdings in shares of Braze by 12.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company’s stock worth $16,486,000 after acquiring an additional 57,713 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Braze during the 3rd quarter worth about $673,000. Proficio Capital Partners LLC acquired a new position in Braze in the 4th quarter valued at about $498,000. Holocene Advisors LP lifted its holdings in Braze by 52.7% in the 3rd quarter. Holocene Advisors LP now owns 84,383 shares of the company’s stock valued at $2,729,000 after purchasing an additional 29,123 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Braze by 18.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock worth $48,428,000 after purchasing an additional 229,660 shares during the last quarter. Hedge funds and other institutional investors own 90.47% of the company’s stock.

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.