Braze (NASDAQ:BRZE) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Braze (NASDAQ:BRZE - Free Report) in a research note released on Friday morning,Benzinga reports. Needham & Company LLC currently has a $50.00 price objective on the stock.

Several other brokerages have also recently commented on BRZE. Citigroup lifted their price objective on shares of Braze from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Stephens assumed coverage on shares of Braze in a report on Wednesday, March 19th. They issued an "overweight" rating and a $43.00 price target on the stock. Piper Sandler cut their price target on Braze from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus set a $50.00 price objective on Braze and gave the company a "buy" rating in a report on Friday, March 28th. Finally, DA Davidson lowered their target price on Braze from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. One research analyst has rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.60.

Braze Stock Down 17.6%

Shares of BRZE traded down $6.37 during trading hours on Friday, reaching $29.73. 7,732,131 shares of the company traded hands, compared to its average volume of 1,280,611. The stock has a market capitalization of $3.11 billion, a P/E ratio of -26.08 and a beta of 1.22. The business has a fifty day moving average price of $32.78 and a 200-day moving average price of $37.97. Braze has a 12-month low of $27.45 and a 12-month high of $48.33.

Braze (NASDAQ:BRZE - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.02. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. The business had revenue of $162.06 million for the quarter, compared to analyst estimates of $158.60 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The company's revenue was up 19.6% on a year-over-year basis. As a group, research analysts predict that Braze will post -0.98 EPS for the current fiscal year.

Insider Activity

In related news, CTO Jonathan Hyman sold 9,197 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $35.88, for a total transaction of $329,988.36. Following the transaction, the chief technology officer now owns 214,024 shares of the company's stock, valued at $7,679,181.12. This trade represents a 4.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Susan Wiseman sold 4,167 shares of the business's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $30.98, for a total value of $129,093.66. Following the completion of the transaction, the general counsel now owns 248,999 shares in the company, valued at $7,713,989.02. This trade represents a 1.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,150 shares of company stock valued at $2,540,814 in the last ninety days. 18.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its stake in shares of Braze by 1.4% during the first quarter. US Bancorp DE now owns 21,314 shares of the company's stock worth $769,000 after purchasing an additional 302 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in Braze by 2.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,340 shares of the company's stock worth $559,000 after buying an additional 316 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Braze by 168.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 646 shares of the company's stock worth $27,000 after acquiring an additional 405 shares during the period. IFP Advisors Inc boosted its holdings 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 increased its stake in shares of Braze by 236.1% during the first quarter. GAMMA Investing LLC now owns 736 shares of the company's stock worth $27,000 after acquiring an additional 517 shares during the period. 90.47% of the stock is currently owned by hedge funds and other institutional investors.

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.