Braze (NASDAQ:BRZE) Price Target Lowered to $65.00 at Wells Fargo & Company

Braze (NASDAQ:BRZE) had its price target cut by stock analysts at Wells Fargo & Company from $75.00 to $65.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 50.53% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. William Blair reissued an “outperform” rating on shares of Braze in a research report on Thursday, March 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price objective on shares of Braze in a research report on Thursday, March 28th. Raymond James dropped their price target on shares of Braze from $75.00 to $65.00 and set an “outperform” rating for the company in a research report on Thursday, March 28th. Canaccord Genuity Group dropped their price target on shares of Braze from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Finally, UBS Group raised shares of Braze from a “neutral” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Thursday, March 21st. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Braze has an average rating of “Moderate Buy” and a consensus target price of $64.12.

Braze Price Performance

NASDAQ:BRZE traded up $1.47 during trading hours on Monday, reaching $43.18. The company’s stock had a trading volume of 429,353 shares, compared to its average volume of 844,225. The company has a market cap of $4.35 billion, a price-to-earnings ratio of -32.48 and a beta of 1.14. Braze has a one year low of $25.76 and a one year high of $61.53. The business’s 50-day moving average is $48.62 and its 200-day moving average is $50.56.

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

Insider Activity at Braze

In related news, CAO Pankaj Malik sold 2,832 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $57.52, for a total value of $162,896.64. Following the transaction, the chief accounting officer now directly owns 75,021 shares in the company, valued at $4,315,207.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO William Magnuson sold 11,874 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $57.51, for a total value of $682,873.74. Following the sale, the chief executive officer now directly owns 636,514 shares of the company’s stock, valued at approximately $36,605,920.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Pankaj Malik sold 2,832 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $57.52, for a total transaction of $162,896.64. Following the completion of the sale, the chief accounting officer now directly owns 75,021 shares in the company, valued at $4,315,207.92. The disclosure for this sale can be found here. Insiders have sold 77,815 shares of company stock worth $4,164,679 over the last ninety days. Company insiders own 26.48% of the company’s stock.

Institutional Investors Weigh In On Braze

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BRZE. 1832 Asset Management L.P. increased its stake in Braze by 537.4% in the 4th quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock valued at $81,135,000 after buying an additional 1,287,500 shares during the last quarter. Morgan Stanley increased its stake in Braze by 20.1% in the 3rd quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock valued at $251,769,000 after buying an additional 899,894 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Braze by 180.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company’s stock valued at $60,053,000 after buying an additional 826,100 shares during the last quarter. Invesco Ltd. increased its stake in Braze by 167.5% in the 3rd quarter. Invesco Ltd. now owns 1,293,974 shares of the company’s stock valued at $60,467,000 after buying an additional 810,295 shares during the last quarter. Finally, Norges Bank acquired a new stake in Braze in the 4th quarter valued at $37,584,000. 90.47% of the stock is currently owned by institutional investors and hedge funds.

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.