Granite Investment Partners LLC Purchases New Shares in Braze, Inc. (NASDAQ:BRZE)

Granite Investment Partners LLC purchased a new stake in Braze, Inc. (NASDAQ:BRZE) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 332,784 shares of the company’s stock, valued at approximately $12,925,000. Granite Investment Partners LLC owned approximately 0.33% of Braze as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Seven Eight Capital LP grew its stake in Braze by 78.1% during the second quarter. Seven Eight Capital LP now owns 47,283 shares of the company’s stock worth $1,836,000 after buying an additional 20,741 shares in the last quarter. Blair William & Co. IL grew its stake in Braze by 2.2% during the second quarter. Blair William & Co. IL now owns 12,928 shares of the company’s stock worth $502,000 after buying an additional 283 shares in the last quarter. Renaissance Technologies LLC grew its stake in Braze by 78.1% during the second quarter. Renaissance Technologies LLC now owns 371,600 shares of the company’s stock worth $14,433,000 after buying an additional 163,000 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Braze during the second quarter worth about $565,000. Finally, Quantbot Technologies LP grew its stake in Braze by 100.1% during the second quarter. Quantbot Technologies LP now owns 108,826 shares of the company’s stock worth $4,227,000 after buying an additional 54,439 shares in the last quarter. 90.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, General Counsel Susan Wiseman sold 3,447 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $44.00, for a total transaction of $151,668.00. Following the completion of the sale, the general counsel now owns 206,930 shares of the company’s stock, valued at approximately $9,104,920. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, General Counsel Susan Wiseman sold 3,447 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $44.00, for a total transaction of $151,668.00. Following the completion of the sale, the general counsel now owns 206,930 shares of the company’s stock, valued at approximately $9,104,920. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Pankaj Malik sold 2,262 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $38.14, for a total transaction of $86,272.68. Following the sale, the chief accounting officer now directly owns 74,361 shares of the company’s stock, valued at approximately $2,836,128.54. The disclosure for this sale can be found here. In the last 90 days, insiders sold 188,727 shares of company stock worth $8,140,693. 24.03% of the stock is currently owned by insiders.

Braze Stock Performance

Braze stock opened at $36.39 on Friday. Braze, Inc. has a 52-week low of $33.24 and a 52-week high of $61.53. The firm has a 50 day moving average price of $40.59 and a two-hundred day moving average price of $41.69. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of -28.43 and a beta of 1.07.

Braze (NASDAQ:BRZE) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.12. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The firm had revenue of $145.50 million during the quarter, compared to analyst estimates of $141.32 million. During the same quarter last year, the business earned ($0.30) EPS. The company’s revenue was up 26.4% compared to the same quarter last year. As a group, equities research analysts predict that Braze, Inc. will post -1.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BRZE shares. TD Cowen reduced their price objective on shares of Braze from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Citigroup increased their target price on shares of Braze from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Scotiabank raised shares of Braze from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $48.00 to $56.00 in a report on Wednesday, July 10th. Canaccord Genuity Group increased their target price on shares of Braze from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, June 7th. Finally, Barclays dropped their target price on shares of Braze from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Braze presently has a consensus rating of “Buy” and an average price target of $60.50.

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.