New York State Common Retirement Fund Grows Stake in Braze, Inc. (NASDAQ:BRZE)

New York State Common Retirement Fund increased its stake in shares of Braze, Inc. (NASDAQ:BRZE - Free Report) by 814.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 178,514 shares of the company's stock after purchasing an additional 158,986 shares during the period. New York State Common Retirement Fund owned approximately 0.18% of Braze worth $9,484,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BRZE. Principal Financial Group Inc. acquired a new stake in Braze during the 3rd quarter worth $4,377,000. Morgan Stanley boosted its holdings in shares of 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 acquiring an additional 899,894 shares in the last quarter. Seven Eight Capital LP purchased a new stake in shares of Braze in the third quarter valued at about $283,000. Penserra Capital Management LLC boosted its holdings in shares of Braze by 375.8% in the third quarter. Penserra Capital Management LLC now owns 55,982 shares of the company's stock valued at $2,616,000 after acquiring an additional 44,217 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Braze by 4.5% during the third quarter. Vanguard Group Inc. now owns 5,266,393 shares of the company's stock worth $246,099,000 after buying an additional 228,089 shares in the last quarter. Hedge funds and other institutional investors own 90.47% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. 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. Oppenheimer reissued an "outperform" rating and issued a $75.00 price objective on shares of Braze in a research report on Thursday, March 28th. Raymond James cut their price objective on shares of Braze from $75.00 to $65.00 and set an "outperform" rating for the company in a research report on Thursday, March 28th. Wells Fargo & Company cut their price objective on shares of Braze from $75.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday. Finally, TD Cowen decreased their price objective on shares of Braze from $68.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, March 28th. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Braze currently has an average rating of "Moderate Buy" and a consensus target price of $64.12.

Braze Price Performance

Shares of Braze stock traded up $1.11 during midday trading on Thursday, hitting $41.55. The company had a trading volume of 698,121 shares, compared to its average volume of 850,348. The business's 50 day simple moving average is $47.73 and its two-hundred day simple moving average is $50.44. The stock has a market cap of $4.19 billion, a PE ratio of -30.41 and a beta of 1.13. Braze, Inc. has a 1-year low of $25.76 and a 1-year high of $61.53.

Braze (NASDAQ:BRZE - Get Free Report) last issued its earnings results on Wednesday, March 27th. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.02. Braze had a negative net margin of 27.44% and a negative return on equity of 28.24%. The company had revenue of $130.96 million for the quarter, compared to the consensus estimate of $124.55 million. On average, sell-side analysts expect that Braze, Inc. will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Braze news, insider Myles Kleeger sold 15,000 shares of the company's stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $56.96, for a total transaction of $854,400.00. Following the transaction, the insider now directly owns 244,291 shares in the company, valued at approximately $13,914,815.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Myles Kleeger sold 15,000 shares of the company's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $56.96, for a total value of $854,400.00. Following the completion of the sale, the insider now directly owns 244,291 shares of the company's stock, valued at approximately $13,914,815.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Phillip M. Fernandez sold 1,500 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $59.91, for a total value of $89,865.00. Following the completion of the sale, the director now directly owns 11,056 shares of the company's stock, valued at $662,364.96. The disclosure for this sale can be found here. Insiders have sold a total of 77,815 shares of company stock worth $4,164,679 in the last 90 days. Corporate insiders own 26.48% 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.