Graham Capital Management L.P. Cuts Stake 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 stake in shares of Braze, Inc. (NASDAQ:BRZE - Free Report) by 73.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm 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 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. US Bancorp DE grew its holdings in Braze by 1.4% during the first quarter. US Bancorp DE now owns 21,314 shares of the company's stock valued at $769,000 after purchasing an additional 302 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in shares of Braze by 2.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,340 shares of the company's stock valued at $559,000 after acquiring an additional 316 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Braze by 168.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 646 shares of the company's stock valued at $27,000 after acquiring an additional 405 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Braze by 15.3% in the first quarter. IFP Advisors Inc now owns 3,386 shares of the company's stock valued at $122,000 after acquiring an additional 449 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Braze by 236.1% in the first quarter. GAMMA Investing LLC now owns 736 shares of the company's stock valued at $27,000 after acquiring an additional 517 shares in the last quarter. Institutional investors own 90.47% of the company's stock.

Braze Stock Performance

NASDAQ BRZE traded down $0.99 on Tuesday, hitting $31.31. 3,022,401 shares of the stock were exchanged, compared to its average volume of 1,462,808. Braze, Inc. has a 52-week low of $23.91 and a 52-week high of $48.33. The firm has a market capitalization of $3.31 billion, a P/E ratio of -30.11 and a beta of 1.10. The stock has a fifty day moving average price of $27.41 and a two-hundred day moving average price of $30.93.

Insider Activity

In other news, General Counsel Susan Wiseman sold 4,943 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $25.14, for a total value of $124,267.02. Following the transaction, the general counsel directly owned 229,724 shares in the company, valued at approximately $5,775,261.36. This represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Astha Malik sold 3,270 shares of Braze stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $32.51, for a total transaction of $106,307.70. Following the sale, the insider owned 233,660 shares of the company's stock, valued at $7,596,286.60. The trade was a 1.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,624 shares of company stock worth $2,021,306 in the last three months. Corporate insiders own 18.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BRZE shares. Barclays boosted their price objective on Braze from $35.00 to $39.00 and gave the company an "overweight" rating in a research report on Friday. Canaccord Genuity Group restated a "buy" rating and issued a $43.00 price objective on shares of Braze in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on Braze from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Friday, June 6th. Oppenheimer lowered their price objective on Braze from $44.00 to $38.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 24th. Finally, Macquarie dropped their price target on Braze from $40.00 to $35.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Twenty equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.10.

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.