Graham Capital Management L.P. Reduces Stock Holdings in Braze, Inc. $BRZE

Key Points

• Graham Capital Management L.P. reduced its holdings in Braze, Inc. by 73.9%, now owning 17,949 shares valued at $648,000.
• Several institutional investors, including Vanguard Group Inc. and Wellington Management Group LLP, have increased their stakes in Braze, contributing to 90.47% of the company's stock being owned by institutional investors.
• Research analysts have set new price targets for Braze, with a consensus rating of "Moderate Buy" and an average price target of $44.85.

Graham Capital Management L.P. lessened its holdings in Braze, Inc. (NASDAQ:BRZE - Free Report) by 73.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,949 shares of the company's stock after selling 50,892 shares during the period. Graham Capital Management L.P.'s holdings in Braze were worth $648,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BRZE. Tower Research Capital LLC TRC raised its position in shares of Braze by 168.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 646 shares of the company's stock worth $27,000 after purchasing an additional 405 shares during the last quarter. GAMMA Investing LLC increased its position in Braze by 236.1% during the first quarter. GAMMA Investing LLC now owns 736 shares of the company's stock worth $27,000 after buying an additional 517 shares in the last quarter. Quarry LP raised its holdings in shares of 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 during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Braze during the first quarter valued at $36,000. Finally, Versant Capital Management Inc purchased a new stake in Braze during the 1st quarter worth about $54,000. 90.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Raymond James Financial reduced their target price on shares of Braze from $48.00 to $43.00 and set an "outperform" rating on the stock in a report on Friday, June 6th. Canaccord Genuity Group reissued a "buy" rating and set a $43.00 price objective on shares of Braze in a research note on Friday, September 5th. DA Davidson restated a "buy" rating and set a $40.00 target price on shares of Braze in a research report on Friday, September 5th. JMP Securities reiterated a "market outperform" rating and issued a $68.00 price target on shares of Braze in a report on Friday, September 5th. Finally, Oppenheimer reduced their price target on Braze from $44.00 to $38.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 24th. Twenty analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Braze currently has a consensus rating of "Moderate Buy" and an average price target of $45.10.

Insider Transactions at Braze

In other news, CTO Jonathan Hyman sold 8,918 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $25.94, for a total value of $231,332.92. Following the transaction, the chief technology officer owned 205,106 shares of the company's stock, valued at approximately $5,320,449.64. This trade represents a 4.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Magnuson sold 24,325 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 transaction of $630,990.50. Following the sale, the chief executive officer directly owned 721,444 shares of the company's stock, valued at approximately $18,714,257.36. This trade represents a 3.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,624 shares of company stock valued at $2,021,306 in the last three months. 18.20% of the stock is owned by company insiders.

Braze Trading Up 2.7%

NASDAQ:BRZE traded up $0.80 on Thursday, hitting $30.88. 1,769,499 shares of the stock were exchanged, compared to its average volume of 2,114,203. The stock has a market cap of $3.26 billion, a PE ratio of -29.69 and a beta of 1.10. Braze, Inc. has a fifty-two week low of $23.91 and a fifty-two week high of $48.33. The stock has a fifty day moving average of $27.55 and a 200-day moving average of $30.87.

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.