Braze (NASDAQ:BRZE) Reaches New 52-Week Low After Analyst Downgrade

Braze, Inc. (NASDAQ:BRZE) reached a new 52-week low during trading on Tuesday after Oppenheimer lowered their price target on the stock from $60.00 to $51.00. Oppenheimer currently has an outperform rating on the stock. Braze traded as low as $32.24 and last traded at $32.27, with a volume of 212670 shares trading hands. The stock had previously closed at $34.63.

A number of other research firms have also recently weighed in on BRZE. BTIG Research cut their price target on Braze from $68.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Loop Capital reissued a “buy” rating and issued a $75.00 target price on shares of Braze in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target on shares of Braze in a research report on Tuesday. Canaccord Genuity Group lifted their target price on shares of Braze from $50.00 to $53.00 and gave the company a “buy” rating in a report on Friday, June 7th. Finally, Piper Sandler restated an “overweight” rating and issued a $51.00 price objective on shares of Braze in a research report on Friday, September 6th. Eighteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $60.82.

Insider Buying and Selling

In other Braze news, insider Myles Kleeger sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.65, for a total value of $2,282,500.00. Following the sale, the insider now owns 199,963 shares in the company, valued at $9,128,310.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Pankaj Malik sold 2,262 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $38.14, for a total transaction of $86,272.68. Following the completion of the sale, the chief accounting officer now directly owns 74,361 shares in the company, valued at $2,836,128.54. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Myles Kleeger sold 50,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $45.65, for a total transaction of $2,282,500.00. Following the transaction, the insider now owns 199,963 shares in the company, valued at $9,128,310.95. The disclosure for this sale can be found here. Insiders have sold a total of 188,727 shares of company stock worth $8,140,693 over the last quarter. 24.03% of the stock is owned by company insiders.

Hedge Funds Weigh In On Braze

Several institutional investors have recently added to or reduced their stakes in BRZE. Vanguard Group Inc. grew its holdings in shares of Braze by 2.6% during the first quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock worth $261,146,000 after purchasing an additional 148,366 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in Braze by 6.6% during the 1st quarter. Champlain Investment Partners LLC now owns 2,084,805 shares of the company’s stock worth $92,357,000 after buying an additional 128,645 shares in the last quarter. 1832 Asset Management L.P. boosted its position in shares of Braze by 537.4% in the 4th quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock worth $81,135,000 after purchasing an additional 1,287,500 shares during the last quarter. Fiera Capital Corp raised its stake in Braze by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 780,630 shares of the company’s stock worth $30,320,000 after buying an additional 7,570 shares during the period. Finally, Norges Bank bought a new position in Braze during the fourth quarter worth about $37,584,000. 90.47% of the stock is owned by institutional investors.

Braze Price Performance

The business has a 50 day simple moving average of $40.38 and a 200-day simple moving average of $41.22. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -25.21 and a beta of 1.07.

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

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.