Canaccord Genuity Group Forecasts Strong Price Appreciation for Braze (NASDAQ:BRZE) Stock

Braze (NASDAQ:BRZE) had its target price raised by stock analysts at Canaccord Genuity Group from $45.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 36.24% from the stock’s current price.

Other analysts have also issued research reports about the company. Citigroup lifted their price objective on Braze from $47.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Stifel Nicolaus set a $50.00 price target on shares of Braze in a report on Friday. Raymond James decreased their target price on shares of Braze from $48.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, March 20th. Piper Sandler increased their price target on shares of Braze from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of Braze in a research note on Monday, February 3rd. One research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $52.40.

Braze Trading Down 1.7 %

Shares of Braze stock opened at $36.70 on Friday. Braze has a 1 year low of $29.18 and a 1 year high of $48.33. The company’s fifty day simple moving average is $39.80 and its 200-day simple moving average is $37.97. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -32.19 and a beta of 1.17.

Braze (NASDAQ:BRZE) last posted its quarterly earnings results on Thursday, March 27th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.07. The company had revenue of $160.40 million for the quarter, compared to analyst estimates of $155.72 million. Braze had a negative net margin of 20.41% and a negative return on equity of 24.88%. The business’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the business posted ($0.04) EPS. As a group, research analysts forecast that Braze will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Pankaj Malik sold 3,700 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $45.77, for a total value of $169,349.00. Following the transaction, the chief accounting officer now owns 54,784 shares of the company’s stock, valued at approximately $2,507,463.68. This trade represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Myles Kleeger sold 8,365 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $40.12, for a total transaction of $335,603.80. Following the sale, the insider now directly owns 168,882 shares of the company’s stock, valued at approximately $6,775,545.84. This trade represents a 4.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,470 shares of company stock valued at $3,841,921. Company insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

A number of hedge funds and other institutional investors have recently bought and sold shares of BRZE. Wellington Management Group LLP acquired a new position in shares of Braze in the 4th quarter valued at $50,000,000. California State Teachers Retirement System increased its holdings in Braze by 4.7% in the fourth quarter. California State Teachers Retirement System now owns 58,125 shares of the company’s stock valued at $2,434,000 after purchasing an additional 2,605 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in Braze in the fourth quarter valued at about $1,868,000. State of Wyoming bought a new position in Braze during the fourth quarter worth about $197,000. Finally, ProShare Advisors LLC grew its position in shares of Braze by 33.8% during the 4th quarter. ProShare Advisors LLC now owns 24,536 shares of the company’s stock worth $1,028,000 after buying an additional 6,200 shares during the period. 90.47% of the stock is owned by institutional investors.

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.