Braze (NASDAQ:BRZE) Price Target Cut to $65.00

Braze (NASDAQ:BRZE) had its price target cut by stock analysts at Canaccord Genuity Group from $70.00 to $65.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 28.51% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Oppenheimer restated an “outperform” rating and set a $75.00 target price on shares of Braze in a research report on Thursday. William Blair restated an “outperform” rating on shares of Braze in a research report on Thursday. Barclays upped their target price on shares of Braze from $65.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, December 7th. The Goldman Sachs Group upped their target price on shares of Braze from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, December 7th. Finally, BTIG Research increased their price objective on shares of Braze from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, December 7th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $64.82.

Braze Stock Performance

Shares of NASDAQ:BRZE opened at $50.58 on Thursday. The firm has a fifty day moving average price of $55.05 and a 200 day moving average price of $51.24. Braze has a fifty-two week low of $25.76 and a fifty-two week high of $61.53. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of -36.39 and a beta of 1.21.

Insider Buying and Selling at Braze

In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $59.91, for a total transaction of $89,865.00. Following the transaction, the director now owns 11,056 shares of the company’s stock, valued at approximately $662,364.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Pankaj Malik sold 2,832 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $57.52, for a total value of $162,896.64. Following the sale, the chief accounting officer now directly owns 75,021 shares in the company, valued at approximately $4,315,207.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Phillip M. Fernandez sold 1,500 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $59.91, for a total transaction of $89,865.00. Following the completion of the sale, the director now owns 11,056 shares in the company, valued at $662,364.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,471 shares of company stock valued at $4,196,153. Company insiders own 26.48% of the company’s stock.

Institutional Trading of Braze

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Braze in the 2nd quarter valued at about $688,000. PEAK6 Investments LLC bought a new stake in shares of Braze in the 2nd quarter valued at about $311,000. Principal Financial Group Inc. bought a new stake in shares of Braze in the 3rd quarter valued at about $4,377,000. Morgan Stanley boosted its holdings in shares of 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 in the last quarter. Finally, Seven Eight Capital LP bought a new stake in shares of Braze in the 3rd quarter valued at about $283,000. 90.47% of the stock is currently owned by institutional investors.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.