Braze’s (BRZE) Buy Rating Reaffirmed at Needham & Company LLC

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $70.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 102.17% from the stock’s current price.

A number of other research firms have also recently commented on BRZE. Oppenheimer reissued an “outperform” rating and set a $60.00 price target on shares of Braze in a report on Wednesday, June 12th. Raymond James dropped their price target on Braze from $65.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, June 7th. BTIG Research reduced their price objective on shares of Braze from $68.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Barclays lowered their target price on shares of Braze from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Monday, August 26th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $68.00 price target on shares of Braze in a report on Friday, September 6th. Seventeen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $60.50.

Braze Stock Performance

NASDAQ BRZE opened at $34.63 on Tuesday. The business’s fifty day moving average is $40.38 and its 200 day moving average is $41.22. Braze has a fifty-two week low of $33.24 and a fifty-two week high of $61.53. The company has a market capitalization of $3.52 billion, a PE ratio of -27.05 and a beta of 1.07.

Braze (NASDAQ:BRZE) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. Braze had a negative return on equity of 25.89% and a negative net margin of 22.01%. The company had revenue of $145.50 million during the quarter, compared to the consensus estimate of $141.32 million. During the same period in the previous year, the company posted ($0.30) EPS. The firm’s revenue was up 26.4% on a year-over-year basis. On average, sell-side analysts forecast that Braze will post -1.05 EPS for the current year.

Insider Activity at Braze

In other Braze news, CEO William Magnuson sold 17,840 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $41.37, for a total transaction of $738,040.80. Following the transaction, the chief executive officer now owns 600,749 shares in the company, valued at $24,852,986.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Pankaj Malik sold 2,262 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 74,361 shares in the company, valued at approximately $2,836,128.54. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Magnuson sold 17,840 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $41.37, for a total value of $738,040.80. Following the completion of the sale, the chief executive officer now owns 600,749 shares in the company, valued at approximately $24,852,986.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 188,727 shares of company stock worth $8,140,693. Company insiders own 24.03% of the company’s stock.

Institutional Trading of Braze

Large investors have recently made changes to their positions in the stock. Comerica Bank grew its stake in Braze by 29.4% in the 1st quarter. Comerica Bank now owns 1,216 shares of the company’s stock worth $54,000 after acquiring an additional 276 shares in the last quarter. Blair William & Co. IL grew its stake in Braze by 2.2% in the second quarter. Blair William & Co. IL now owns 12,928 shares of the company’s stock worth $502,000 after purchasing an additional 283 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Braze by 17.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,917 shares of the company’s stock worth $85,000 after purchasing an additional 290 shares during the period. American International Group Inc. raised its position in Braze by 1.2% during the 1st quarter. American International Group Inc. now owns 26,369 shares of the company’s stock valued at $1,168,000 after purchasing an additional 310 shares in the last quarter. Finally, Creative Planning lifted its holdings in shares of Braze by 1.7% in the 2nd quarter. Creative Planning now owns 23,121 shares of the company’s stock worth $898,000 after buying an additional 384 shares during the period. 90.47% of the stock is 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.