Balyasny Asset Management L.P. Takes Position in Braze, Inc. (NASDAQ:BRZE)

Balyasny Asset Management L.P. acquired a new stake in shares of Braze, Inc. (NASDAQ:BRZE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 245,269 shares of the company's stock, valued at approximately $10,272,000. Balyasny Asset Management L.P. owned 0.24% of Braze at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BRZE. Proficio Capital Partners LLC bought a new stake in Braze during the 4th quarter valued at $498,000. Thrivent Financial for Lutherans acquired a new position in shares of Braze in the fourth quarter worth about $708,000. Barclays PLC raised its stake in Braze by 148.1% during the 3rd quarter. Barclays PLC now owns 107,358 shares of the company's stock valued at $3,472,000 after purchasing an additional 64,093 shares during the period. Pictet Asset Management Holding SA lifted its stake in Braze by 27.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 8,935 shares of the company's stock worth $374,000 after acquiring an additional 1,938 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Braze during the fourth quarter valued at approximately $549,000. Institutional investors and hedge funds own 90.47% of the company's stock.

Braze Price Performance

Shares of NASDAQ BRZE traded up $2.46 during midday trading on Monday, hitting $36.14. The stock had a trading volume of 1,090,283 shares, compared to its average volume of 1,243,824. Braze, Inc. has a fifty-two week low of $27.45 and a fifty-two week high of $48.33. The firm has a market cap of $3.78 billion, a P/E ratio of -31.70 and a beta of 1.15. The company's 50-day simple moving average is $32.85 and its 200 day simple moving average is $37.75.

Braze (NASDAQ:BRZE - Get Free Report) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.07. The business had revenue of $160.40 million for the quarter, compared to analyst estimates of $155.72 million. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. Equities analysts expect that Braze, Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity

In other Braze news, General Counsel Susan Wiseman sold 4,167 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $30.98, for a total transaction of $129,093.66. Following the transaction, the general counsel now owns 248,999 shares in the company, valued at $7,713,989.02. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Magnuson sold 18,050 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $40.82, for a total transaction of $736,801.00. Following the completion of the transaction, the chief executive officer now owns 564,766 shares in the company, valued at $23,053,748.12. This trade represents a 3.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,937 shares of company stock valued at $2,235,381 in the last 90 days. 24.03% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BRZE. Stifel Nicolaus set a $50.00 target price on Braze and gave the company a "buy" rating in a research note on Friday, March 28th. Stephens began coverage on Braze in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $43.00 target price on the stock. Needham & Company LLC restated a "buy" rating and issued a $50.00 target price on shares of Braze in a research note on Friday, March 28th. Piper Sandler reduced their price target on Braze from $48.00 to $38.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Raymond James boosted their price target on Braze from $45.00 to $48.00 and gave the stock an "outperform" rating in a research report on Friday, March 28th. One research analyst has rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $51.25.

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.