King Luther Capital Management Corp Acquires 24,486 Shares of Braze, Inc. (NASDAQ:BRZE)

Key Points

• King Luther Capital Management Corp increased its stake in Braze, Inc. by 19.9%, owning 147,373 shares valued at approximately $5.3 million after purchasing an additional 24,486 shares in the first quarter.
• Shares of Braze are currently trading down 3.4%, with the stock showing a 12-month low of $25.01 and a high of $48.33.
• Analyst ratings on Braze have been adjusted downward, with UBS lowering its price target from $51 to $48, and Wells Fargo from $55 to $40, while maintaining a "buy" and "overweight" rating, respectively.

King Luther Capital Management Corp raised its holdings in shares of Braze, Inc. (NASDAQ:BRZE - Free Report) by 19.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 147,373 shares of the company's stock after acquiring an additional 24,486 shares during the quarter. King Luther Capital Management Corp owned approximately 0.14% of Braze worth $5,317,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Braze by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 1,535,965 shares of the company's stock valued at $64,340,000 after buying an additional 38,777 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Braze by 3.6% in 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 last quarter. Cerity Partners LLC acquired a new stake in shares of Braze in the 4th quarter valued at approximately $208,000. Invesco Ltd. lifted its holdings in Braze by 107.0% during the 4th quarter. Invesco Ltd. now owns 1,963,841 shares of the company's stock valued at $82,246,000 after purchasing an additional 1,015,007 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Braze by 8.0% during the 4th quarter. Legal & General Group Plc now owns 66,713 shares of the company's stock valued at $2,794,000 after purchasing an additional 4,964 shares during the last quarter. 90.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BRZE has been the subject of a number of research reports. Cantor Fitzgerald initiated coverage on Braze in a report on Tuesday, June 3rd. They set an "overweight" rating and a $45.00 target price for the company. Barclays decreased their price target on Braze from $70.00 to $47.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Wells Fargo & Company decreased their price target on Braze from $55.00 to $40.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Loop Capital decreased their target price on Braze from $75.00 to $45.00 and set a "buy" rating on the stock in a research report on Friday, June 6th. Finally, Oppenheimer decreased their target price on Braze from $44.00 to $38.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Braze currently has an average rating of "Moderate Buy" and an average target price of $45.50.

Insider Buying and Selling at Braze

In other Braze news, CTO Jonathan Hyman sold 9,197 shares of Braze stock in a transaction on Monday, May 19th. The stock was sold at an average price of $35.88, for a total value of $329,988.36. Following the completion of the sale, the chief technology officer owned 214,024 shares of the company's stock, valued at approximately $7,679,181.12. This trade represents a 4.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Myles Kleeger sold 9,189 shares of Braze stock in a transaction on Monday, May 19th. The stock was sold at an average price of $35.88, for a total value of $329,701.32. Following the completion of the sale, the insider directly owned 159,693 shares of the company's stock, valued at approximately $5,729,784.84. The trade was a 5.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,270 shares of company stock valued at $2,749,255 in the last ninety days. Corporate insiders own 18.20% of the company's stock.

Braze Stock Performance

Shares of BRZE traded up $1.19 on Wednesday, reaching $25.30. The stock had a trading volume of 1,559,187 shares, compared to its average volume of 1,260,445. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of -25.05 and a beta of 1.10. The company has a 50-day simple moving average of $27.77 and a 200-day simple moving average of $33.05. 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 released its earnings results on Thursday, June 5th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.02. The company had revenue of $162.06 million during the quarter, compared to analysts' expectations of $158.60 million. Braze had a negative return on equity of 18.89% and a negative net margin of 16.76%. The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. On average, analysts expect that Braze, Inc. will post -0.98 EPS for the current fiscal year.

About Braze

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.