Short Interest in Braze, Inc. (NASDAQ:BRZE) Decreases By 6.0%

Braze, Inc. (NASDAQ:BRZE - Get Free Report) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 4,210,000 shares, a decline of 6.0% from the February 29th total of 4,480,000 shares. Based on an average trading volume of 687,900 shares, the days-to-cover ratio is currently 6.1 days. Approximately 7.7% of the company's stock are short sold.

Insider Buying and Selling

In other news, insider Myles Kleeger sold 15,000 shares of the firm's stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $49.78, for a total value of $746,700.00. Following the completion of the sale, the insider now owns 171,709 shares of the company's stock, valued at approximately $8,547,674.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Braze news, CAO Pankaj Malik sold 1,000 shares of the stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $53.73, for a total transaction of $53,730.00. Following the sale, the chief accounting officer now directly owns 77,853 shares of the company's stock, valued at approximately $4,183,041.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Myles Kleeger sold 15,000 shares of the stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $49.78, for a total value of $746,700.00. Following the sale, the insider now directly owns 171,709 shares in the company, valued at $8,547,674.02. The disclosure for this sale can be found here. Insiders sold a total of 75,471 shares of company stock worth $4,196,153 in the last 90 days. 26.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BRZE. Bank of New York Mellon Corp purchased a new stake in shares of Braze during the 1st quarter valued at approximately $370,000. Bank of Montreal Can raised its position in shares of Braze by 81.7% during the 1st quarter. Bank of Montreal Can now owns 103,600 shares of the company's stock valued at $4,645,000 after buying an additional 46,591 shares during the period. BlackRock Inc. raised its position in shares of Braze by 2,301.3% during the 1st quarter. BlackRock Inc. now owns 123,233 shares of the company's stock valued at $5,111,000 after buying an additional 118,101 shares during the period. Blair William & Co. IL raised its position in shares of Braze by 8.7% during the 1st quarter. Blair William & Co. IL now owns 10,220 shares of the company's stock valued at $424,000 after buying an additional 820 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Braze by 21.8% during the 1st quarter. Vanguard Group Inc. now owns 695,917 shares of the company's stock valued at $28,860,000 after buying an additional 124,741 shares during the period. 90.47% of the stock is owned by hedge funds and other institutional investors.

Braze Stock Down 3.2 %

BRZE traded down $1.43 during trading on Monday, reaching $42.87. The company's stock had a trading volume of 1,506,789 shares, compared to its average volume of 801,392. The firm has a fifty day simple moving average of $54.45 and a two-hundred day simple moving average of $51.20. Braze has a 1 year low of $25.76 and a 1 year high of $61.53. The company has a market cap of $4.28 billion, a price-to-earnings ratio of -32.23 and a beta of 1.14.

Analysts Set New Price Targets

A number of research firms have recently commented on BRZE. DA Davidson restated a "buy" rating and set a $65.00 target price on shares of Braze in a research report on Monday, March 25th. Raymond James dropped their target price on Braze from $75.00 to $65.00 and set an "outperform" rating on the stock in a research report on Thursday. JPMorgan Chase & Co. dropped their target price on Braze from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday. Oppenheimer restated an "outperform" rating and set a $75.00 target price on shares of Braze in a research report on Thursday. Finally, Canaccord Genuity Group dropped their target price on Braze from $70.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Braze has a consensus rating of "Moderate Buy" and a consensus target price of $64.29.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.