Braze, Inc. $BRZE Shares Sold by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board drastically reduced its stake in Braze, Inc. by 55.4%, lowering its ownership to 0.07% of the company, valued at approximately $2.8 million.
• Other hedge funds have increased their stakes in Braze, with some firms showing significant growth, such as GAMMA Investing LLC, which raised its holdings by 236.1%.
• Braze's recent earnings surpassed expectations, reporting $0.07 EPS while generating $162.06 million in revenue, indicating a 19.6% year-over-year increase.

Canada Pension Plan Investment Board trimmed its position in shares of Braze, Inc. (NASDAQ:BRZE - Free Report) by 55.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,500 shares of the company's stock after selling 96,200 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.07% of Braze worth $2,796,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Trexquant Investment LP increased its position in shares of Braze by 6.9% during the first quarter. Trexquant Investment LP now owns 101,112 shares of the company's stock worth $3,648,000 after purchasing an additional 6,528 shares in the last quarter. Landscape Capital Management L.L.C. grew its holdings in Braze by 439.0% in the 1st quarter. Landscape Capital Management L.L.C. now owns 27,726 shares of the company's stock valued at $1,000,000 after buying an additional 22,582 shares in the last quarter. Ieq Capital LLC grew its holdings in Braze by 6.6% in the 1st quarter. Ieq Capital LLC now owns 230,217 shares of the company's stock valued at $8,306,000 after buying an additional 14,242 shares in the last quarter. Comerica Bank grew its holdings in Braze by 13,724.2% in the 1st quarter. Comerica Bank now owns 127,044 shares of the company's stock valued at $4,584,000 after buying an additional 126,125 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in Braze in the 1st quarter valued at $5,226,000. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BRZE has been the subject of several analyst reports. Oppenheimer dropped their target price on Braze from $44.00 to $38.00 and set an "outperform" rating for the company in a report on Tuesday, June 24th. JPMorgan Chase & Co. dropped their target price on Braze from $47.00 to $45.00 and set an "overweight" rating for the company in a report on Friday, June 6th. Piper Sandler upped their target price on Braze from $38.00 to $50.00 and gave the company an "overweight" rating in a report on Friday. Canaccord Genuity Group restated a "buy" rating and issued a $43.00 target price on shares of Braze in a report on Friday. Finally, Raymond James Financial decreased their price target on Braze from $48.00 to $43.00 and set an "outperform" rating on the stock in a research note on Friday, June 6th. Twenty investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Braze has an average rating of "Moderate Buy" and an average price target of $45.10.

Braze Trading Down 4.1%

BRZE stock traded down $1.32 during trading on Tuesday, hitting $30.98. 1,047,556 shares of the company's stock were exchanged, compared to its average volume of 1,450,937. The business has a 50-day moving average price of $27.41 and a two-hundred day moving average price of $30.93. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -29.87 and a beta of 1.10. Braze, Inc. has a 52-week low of $23.91 and a 52-week high of $48.33.

Insider Activity at Braze

In other Braze news, CEO William Magnuson sold 24,325 shares of Braze 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 $630,990.50. Following the transaction, the chief executive officer owned 721,444 shares of the company's stock, valued at $18,714,257.36. The trade was a 3.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Susan Wiseman sold 4,988 shares of Braze stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $25.94, for a total value of $129,388.72. Following the transaction, the general counsel directly owned 234,667 shares in the company, valued at approximately $6,087,261.98. This trade represents a 2.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,354 shares of company stock valued at $1,914,998 over the last 90 days. 18.20% of the stock is owned by insiders.

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.