Braze (NASDAQ:BRZE) Given New $51.00 Price Target at Citigroup

Braze (NASDAQ:BRZE) had its price target lifted by research analysts at Citigroup from $47.00 to $51.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 20.80% from the stock’s current price.

Several other research analysts have also commented on the company. Oppenheimer reiterated an “outperform” rating and set a $51.00 price target on shares of Braze in a report on Tuesday. JPMorgan Chase & Co. decreased their target price on shares of Braze from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and set a $68.00 price target on shares of Braze in a research report on Tuesday, September 24th. DA Davidson cut their target price on Braze from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Barclays decreased their price target on Braze from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Monday, August 26th. One research analyst has rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.74.

Braze Stock Performance

Shares of NASDAQ BRZE traded up $1.27 during mid-day trading on Wednesday, reaching $42.22. The company’s stock had a trading volume of 625,775 shares, compared to its average volume of 1,077,125. The stock has a 50-day moving average of $34.46 and a two-hundred day moving average of $37.25. The stock has a market capitalization of $4.34 billion, a P/E ratio of -37.04 and a beta of 1.15. Braze has a 1-year low of $29.18 and a 1-year high of $61.53.

Insider Activity at Braze

In other news, CFO Isabelle Winkles sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $32.12, for a total transaction of $144,540.00. Following the sale, the chief financial officer now owns 216,208 shares of the company’s stock, valued at approximately $6,944,600.96. This trade represents a 2.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Pankaj Malik sold 3,432 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $34.45, for a total value of $118,232.40. Following the completion of the transaction, the chief accounting officer now directly owns 67,095 shares of the company’s stock, valued at $2,311,422.75. This trade represents a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,979 shares of company stock valued at $3,688,914 over the last 90 days. 24.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Braze

Hedge funds have recently modified their holdings of the stock. State Street Corp lifted its position in Braze by 21.5% in the third quarter. State Street Corp now owns 1,575,701 shares of the company’s stock valued at $50,958,000 after purchasing an additional 279,050 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock valued at $48,428,000 after buying an additional 229,660 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Braze by 69.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,494,100 shares of the company’s stock valued at $48,319,000 after buying an additional 612,400 shares in the last quarter. Fiera Capital Corp grew its holdings in Braze by 1.0% during the second quarter. Fiera Capital Corp now owns 780,630 shares of the company’s stock worth $30,320,000 after acquiring an additional 7,570 shares during the period. Finally, Stephens Investment Management Group LLC purchased a new position in Braze in the third quarter worth $20,794,000. 90.47% of the stock is owned by institutional investors and hedge funds.

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.