Braze (NASDAQ:BRZE) Now Covered by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has upgraded Braze from an "overweight" rating to a "strong-buy" rating, signaling increased confidence in the company's stock.
• Braze has attracted attention from multiple analysts, with various firms assigning ratings ranging from "buy" to "outperform" and targeting prices from $38.00 to $52.00.
• Insider trading activity has seen significant sales, with notable transactions reported by general counsel Susan Wiseman and CAO Pankaj Malik, indicating a potential shift in insider confidence.

Stock analysts at Wells Fargo & Company assumed coverage on shares of Braze (NASDAQ:BRZE - Get Free Report) in a report issued on Tuesday, MarketBeat reports. The firm set an "overweight" rating on the stock.

Several other research firms also recently issued reports on BRZE. Needham & Company LLC restated a "buy" rating and set a $50.00 price objective on shares of Braze in a report on Friday, September 5th. Raymond James Financial dropped their target price on shares of Braze from $48.00 to $43.00 and set an "outperform" rating for the company in a research report on Friday, June 6th. Barclays increased their price target on shares of Braze from $35.00 to $39.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Macquarie decreased their price target on Braze from $40.00 to $35.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Finally, UBS Group cut their price objective on Braze from $48.00 to $43.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Braze presently has an average rating of "Buy" and a consensus target price of $45.11.

Braze Stock Performance

Shares of NASDAQ BRZE opened at $28.04 on Tuesday. Braze has a 1 year low of $23.91 and a 1 year high of $48.33. The stock's 50-day simple moving average is $28.43 and its 200-day simple moving average is $30.48. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of -26.96 and a beta of 1.10.

Insider Buying and Selling

In related news, CTO Jonathan Hyman sold 8,918 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $25.94, for a total transaction of $231,332.92. Following the completion of the transaction, the chief technology officer owned 205,106 shares in the company, valued at $5,320,449.64. The trade was a 4.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Astha Malik sold 13,049 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $25.94, for a total value of $338,491.06. Following the transaction, the insider owned 236,930 shares of the company's stock, valued at approximately $6,145,964.20. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,798 shares of company stock valued at $2,158,088 over the last 90 days. 18.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Braze

Several institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. lifted its position in Braze by 821.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,575 shares of the company's stock valued at $44,000 after purchasing an additional 1,404 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Braze in the second quarter valued at approximately $3,273,000. State of Wyoming raised its holdings in shares of Braze by 218.1% during the second quarter. State of Wyoming now owns 9,418 shares of the company's stock valued at $265,000 after buying an additional 6,457 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Braze during the second quarter worth approximately $765,000. Finally, Tower Research Capital LLC TRC grew its holdings in Braze by 647.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 12,350 shares of the company's stock worth $347,000 after buying an additional 10,697 shares in the last quarter. Institutional investors own 90.47% of the company's stock.

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.