Braze (NASDAQ:BRZE) Price Target Cut to $50.00 by Analysts at Canaccord Genuity Group

Braze (NASDAQ:BRZE) had its target price cut by analysts at Canaccord Genuity Group from $65.00 to $50.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 22.58% from the company’s previous close.

Several other equities research analysts have also recently weighed in on BRZE. JPMorgan Chase & Co. lowered their price target on shares of Braze from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, March 28th. Piper Sandler reiterated an “overweight” rating and set a $66.00 price objective on shares of Braze in a research note on Friday, April 5th. UBS Group upgraded shares of Braze from a “neutral” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Thursday, March 21st. William Blair reiterated an “outperform” rating on shares of Braze in a research note on Thursday, March 28th. Finally, Scotiabank reduced their price objective on shares of Braze from $65.00 to $58.00 and set a “sector perform” rating for the company in a research note on Thursday, March 28th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $63.41.

Braze Stock Performance

Shares of BRZE opened at $40.79 on Monday. The company has a 50 day moving average price of $49.67 and a 200-day moving average price of $50.69. Braze has a fifty-two week low of $25.76 and a fifty-two week high of $61.53. The stock has a market capitalization of $4.11 billion, a PE ratio of -30.67 and a beta of 1.14.

Braze (NASDAQ:BRZE) last announced its quarterly earnings results on Wednesday, March 27th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.02. Braze had a negative net margin of 27.44% and a negative return on equity of 28.24%. The firm had revenue of $130.96 million during the quarter, compared to analysts’ expectations of $124.55 million. Equities research analysts forecast that Braze will post -1.18 EPS for the current year.

Insider Activity

In other news, insider Myles Kleeger sold 15,000 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $56.96, for a total value of $854,400.00. Following the sale, the insider now directly owns 244,291 shares of the company’s stock, valued at approximately $13,914,815.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Phillip M. Fernandez sold 1,500 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $59.91, for a total transaction of $89,865.00. Following the sale, the director now directly owns 11,056 shares of the company’s stock, valued at $662,364.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Myles Kleeger sold 15,000 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $56.96, for a total transaction of $854,400.00. Following the sale, the insider now directly owns 244,291 shares in the company, valued at $13,914,815.36. The disclosure for this sale can be found here. Insiders have sold 77,815 shares of company stock valued at $4,164,679 in the last ninety days. Insiders own 26.48% of the company’s stock.

Institutional Trading of Braze

Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. purchased a new stake in Braze during the third quarter worth $4,377,000. Morgan Stanley boosted its holdings in Braze by 20.1% during the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock worth $251,769,000 after buying an additional 899,894 shares in the last quarter. Seven Eight Capital LP purchased a new stake in Braze during the third quarter worth $283,000. Penserra Capital Management LLC boosted its holdings in Braze by 375.8% during the third quarter. Penserra Capital Management LLC now owns 55,982 shares of the company’s stock worth $2,616,000 after buying an additional 44,217 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Braze by 4.5% during the third quarter. Vanguard Group Inc. now owns 5,266,393 shares of the company’s stock worth $246,099,000 after buying an additional 228,089 shares in the last quarter. 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.