Braze (NASDAQ:BRZE) Shares Gap Down After Analyst Downgrade

Braze, Inc. (NASDAQ:BRZE - Get Free Report)'s share price gapped down prior to trading on Friday after Stephens lowered their price target on the stock from $51.00 to $41.00. The stock had previously closed at $36.10, but opened at $31.45. Stephens currently has an overweight rating on the stock. Braze shares last traded at $30.22, with a volume of 1,208,774 shares traded.

A number of other analysts also recently weighed in on BRZE. Canaccord Genuity Group upped their target price on shares of Braze from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, March 28th. Wells Fargo & Company dropped their price target on shares of Braze from $55.00 to $40.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price target on shares of Braze in a research note on Friday. DA Davidson lowered their target price on shares of Braze from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Barclays lowered their target price on shares of Braze from $70.00 to $47.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. One investment analyst has rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, Braze presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.15.

Insider Activity

In other news, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction on Friday, March 28th. The stock was sold at an average price of $41.46, for a total transaction of $62,190.00. Following the completion of the sale, the director now directly owns 15,269 shares in the company, valued at approximately $633,052.74. This trade represents a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jonathan Hyman sold 9,197 shares of Braze stock in a transaction on Monday, May 19th. The stock was sold at an average price of $35.88, for a total value of $329,988.36. Following the sale, the chief technology officer now owns 214,024 shares of the company's stock, valued at approximately $7,679,181.12. This trade represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,150 shares of company stock worth $2,540,814. 18.20% of the stock is currently owned by insiders.

Institutional Trading of Braze

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its stake in shares of Braze by 168.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 646 shares of the company's stock valued at $27,000 after buying an additional 405 shares during the period. GAMMA Investing LLC boosted its holdings in Braze by 236.1% in the first quarter. GAMMA Investing LLC now owns 736 shares of the company's stock worth $27,000 after acquiring an additional 517 shares in the last quarter. Quarry LP boosted its holdings in Braze by 296.0% in the first quarter. Quarry LP now owns 796 shares of the company's stock worth $29,000 after acquiring an additional 595 shares in the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Braze by 9,188.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 836 shares of the company's stock worth $35,000 after acquiring an additional 827 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Braze in the first quarter worth about $36,000. 90.47% of the stock is currently owned by institutional investors.

Braze Price Performance

The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -26.49 and a beta of 1.22. The firm has a fifty day simple moving average of $32.91 and a two-hundred day simple moving average of $38.01.

Braze (NASDAQ:BRZE - Get Free Report) last issued its earnings results on Thursday, June 5th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.02. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. The firm had revenue of $162.06 million for the quarter, compared to analyst estimates of $158.60 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. Braze's revenue for the quarter was up 19.6% on a year-over-year basis. Equities analysts anticipate that Braze, Inc. will post -0.98 earnings per share for the current fiscal year.

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.

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