Edgestream Partners L.P. Invests $3.67 Million in Braze, Inc. (NASDAQ:BRZE)

Edgestream Partners L.P. acquired a new stake in Braze, Inc. (NASDAQ:BRZE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 101,746 shares of the company's stock, valued at approximately $3,671,000. Edgestream Partners L.P. owned 0.10% of Braze at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BRZE. Vanguard Group Inc. raised its holdings in Braze by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company's stock valued at $354,479,000 after acquiring an additional 1,476,423 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Braze by 2.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,693,357 shares of the company's stock worth $112,798,000 after acquiring an additional 63,000 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Braze by 27.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,309,244 shares of the company's stock worth $96,711,000 after acquiring an additional 500,667 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Braze by 121.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,197,407 shares of the company's stock valued at $92,028,000 after buying an additional 1,203,149 shares during the last quarter. Finally, Invesco Ltd. grew its position in Braze by 107.0% in the 4th quarter. Invesco Ltd. now owns 1,963,841 shares of the company's stock valued at $82,246,000 after buying an additional 1,015,007 shares during the last quarter. Hedge funds and other institutional investors own 90.47% of the company's stock.

Analyst Ratings Changes

BRZE has been the subject of a number of recent analyst reports. Barclays reduced their target price on Braze from $70.00 to $47.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Wells Fargo & Company cut their target price on shares of Braze from $55.00 to $40.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Raymond James Financial cut their target price on shares of Braze from $48.00 to $43.00 and set an "outperform" rating for the company in a research note on Friday, June 6th. Stifel Nicolaus set a $50.00 price target on Braze and gave the company a "buy" rating in a report on Friday, March 28th. Finally, UBS Group lowered their price target on Braze from $51.00 to $48.00 and set a "buy" rating for the company in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating and nineteen have given a buy rating to the company's stock. According to MarketBeat, Braze presently has a consensus rating of "Moderate Buy" and an average target price of $45.79.

Braze Trading Up 2.3%

BRZE stock traded up $0.64 during trading hours on Friday, hitting $28.88. 1,739,551 shares of the stock traded hands, compared to its average volume of 1,327,397. The stock has a 50-day simple moving average of $30.98 and a 200 day simple moving average of $35.21. Braze, Inc. has a one year low of $25.22 and a one year high of $48.33. The company has a market cap of $3.05 billion, a P/E ratio of -28.59 and a beta of 1.10.

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

Insider Transactions at Braze

In other news, CEO William Magnuson sold 25,089 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $35.88, for a total transaction of $900,193.32. Following the completion of the sale, the chief executive officer directly owned 745,769 shares of the company's stock, valued at $26,758,191.72. This trade represents a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Myles Kleeger sold 9,189 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $35.88, for a total value of $329,701.32. Following the sale, the insider directly owned 159,693 shares of the company's stock, valued at $5,729,784.84. This trade represents a 5.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 70,269 shares of company stock worth $2,479,135. 18.20% of the stock is currently owned by company insiders.

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.