Canaccord Genuity Group Trims Braze (NASDAQ:BRZE) Target Price to $50.00

Braze (NASDAQ:BRZE - Free Report) had its price objective lowered by Canaccord Genuity Group from $65.00 to $50.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on BRZE. Raymond James decreased their price target on shares of Braze from $75.00 to $65.00 and set an outperform rating for the company in a research note on Thursday, March 28th. DA Davidson reaffirmed a buy rating and set a $65.00 price target on shares of Braze in a research note on Monday, March 25th. Piper Sandler reaffirmed an overweight rating and set a $66.00 price target on shares of Braze in a research note on Friday, April 5th. Scotiabank decreased their target price on shares of Braze from $65.00 to $58.00 and set a sector perform rating for the company in a research note on Thursday, March 28th. Finally, Needham & Company LLC reissued a buy rating and issued a $70.00 target price on shares of Braze in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $63.41.

Braze Stock Performance

NASDAQ BRZE traded up $0.74 during trading hours on Monday, reaching $39.68. 680,974 shares of the company's stock were exchanged, compared to its average volume of 860,172. The company's 50-day moving average is $50.00 and its two-hundred day moving average is $50.74. Braze has a one year low of $25.76 and a one year high of $61.53. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -29.83 and a beta of 1.14.

Braze (NASDAQ:BRZE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 27th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.02. The company had revenue of $130.96 million during the quarter, compared to analysts' expectations of $124.55 million. Braze had a negative net margin of 27.44% and a negative return on equity of 28.24%. Research analysts predict that Braze will post -1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Braze news, insider Myles Kleeger sold 15,000 shares of Braze stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $56.96, for a total transaction of $854,400.00. Following the completion of the transaction, the insider now directly owns 244,291 shares of the company's stock, valued at $13,914,815.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Myles Kleeger sold 15,000 shares of Braze stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $56.96, for a total transaction of $854,400.00. Following the completion of the sale, the insider now owns 244,291 shares of the company's stock, valued at $13,914,815.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $59.91, for a total value of $89,865.00. Following the sale, the director now directly owns 11,056 shares of the company's stock, valued at approximately $662,364.96. The disclosure for this sale can be found here. Insiders sold a total of 77,815 shares of company stock valued at $4,164,679 over the last ninety days. 26.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Braze

A number of hedge funds and other institutional investors have recently modified their holdings of BRZE. 1832 Asset Management L.P. lifted its holdings in shares of Braze by 537.4% during the fourth quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company's stock worth $81,135,000 after buying an additional 1,287,500 shares in the last quarter. Morgan Stanley raised its stake in Braze by 20.1% in the third quarter. Morgan Stanley now owns 5,387,736 shares of the company's stock valued at $251,769,000 after purchasing an additional 899,894 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Braze by 180.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company's stock valued at $60,053,000 after purchasing an additional 826,100 shares in the last quarter. Invesco Ltd. raised its stake in Braze by 167.5% in the third quarter. Invesco Ltd. now owns 1,293,974 shares of the company's stock valued at $60,467,000 after purchasing an additional 810,295 shares in the last quarter. Finally, Norges Bank acquired a new position in Braze in the fourth quarter valued at about $37,584,000. Institutional investors and hedge funds own 90.47% of the company's stock.

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.