Crestwood Capital Management L.P. Trims Position in Braze, Inc. (NASDAQ:BRZE)

Key Points

• Crestwood Capital Management L.P. reduced its stake in Braze, Inc. by 32.4% by selling 27,500 shares, bringing its total ownership to 57,500 shares valued at approximately $2,075,000.
• Institutional investors hold 90.47% of Braze's stock, with significant increases in holdings from entities like GAMMA Investing and Bank of America Corp.
• Braze reported a 19.6% revenue increase year-over-year, posting $162.06 million for the quarter, and achieved an earnings per share of $0.07, surpassing the estimate.

Crestwood Capital Management L.P. reduced its stake in Braze, Inc. (NASDAQ:BRZE - Free Report) by 32.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,500 shares of the company's stock after selling 27,500 shares during the period. Braze comprises 1.6% of Crestwood Capital Management L.P.'s investment portfolio, making the stock its 13th largest position. Crestwood Capital Management L.P. owned 0.05% of Braze worth $2,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its holdings in Braze by 3.6% during the 4th quarter. Wells Fargo & Company MN now owns 100,450 shares of the company's stock valued at $4,207,000 after buying an additional 3,471 shares during the period. Cerity Partners LLC acquired a new stake in Braze in the fourth quarter valued at approximately $208,000. Legal & General Group Plc boosted its stake in shares of Braze by 8.0% in the fourth quarter. Legal & General Group Plc now owns 66,713 shares of the company's stock worth $2,794,000 after acquiring an additional 4,964 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Braze during the fourth quarter worth approximately $1,197,000. Finally, Barclays PLC raised its position in Braze by 9.4% in the fourth quarter. Barclays PLC now owns 117,498 shares of the company's stock valued at $4,921,000 after purchasing an additional 10,140 shares during the period. 90.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Oppenheimer cut their target price on Braze from $44.00 to $38.00 and set an "outperform" rating for the company in a research note on Tuesday, June 24th. JMP Securities reiterated a "market outperform" rating and set a $68.00 price objective on shares of Braze in a research report on Friday, June 6th. JPMorgan Chase & Co. cut their price objective on shares of Braze from $47.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, June 6th. UBS Group reduced their price objective on shares of Braze from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Friday, June 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Braze from $55.00 to $40.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Braze presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.50.

Insider Activity at Braze

In other Braze news, CEO William Magnuson sold 25,089 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $35.88, for a total value of $900,193.32. Following the completion of the sale, the chief executive officer directly owned 745,769 shares in the company, valued at $26,758,191.72. This trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Susan Wiseman sold 4,786 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $27.08, for a total transaction of $129,604.88. Following the sale, the general counsel directly owned 239,655 shares of the company's stock, valued at approximately $6,489,857.40. The trade was a 1.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,270 shares of company stock worth $2,749,255 over the last 90 days. 18.20% of the stock is currently owned by company insiders.

Braze Stock Performance

Shares of NASDAQ:BRZE traded up $0.96 during trading on Friday, reaching $25.50. 1,778,031 shares of the stock were exchanged, compared to its average volume of 1,251,235. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -25.25 and a beta of 1.10. The firm's 50-day moving average price is $27.45 and its 200 day moving average price is $32.66. Braze, Inc. has a 12-month low of $23.91 and a 12-month high of $48.33.

Braze (NASDAQ:BRZE - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. The company had revenue of $162.06 million for the quarter, compared to the consensus estimate of $158.60 million. Braze had a negative return on equity of 18.89% and a negative net margin of 16.76%. The company's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. As a group, equities research analysts forecast that Braze, Inc. will post -0.98 EPS for the current year.

Braze 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.