Needham & Company LLC Reaffirms “Buy” Rating for Braze (NASDAQ:BRZE)

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 36.24% from the company’s current price.

A number of other research firms have also recently commented on BRZE. William Blair reiterated an “outperform” rating on shares of Braze in a report on Thursday, December 19th. Wells Fargo & Company reiterated an “overweight” rating on shares of Braze in a research note on Friday. Stifel Nicolaus set a $50.00 price target on Braze in a research note on Friday. Stephens assumed coverage on Braze in a report on Wednesday, March 19th. They set an “overweight” rating and a $43.00 price target on the stock. Finally, Oppenheimer reiterated an “outperform” rating and issued a $51.00 price objective on shares of Braze in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Braze currently has an average rating of “Buy” and an average price target of $52.40.

Braze Trading Down 1.7 %

Braze stock opened at $36.70 on Friday. Braze has a 12 month low of $29.18 and a 12 month high of $48.33. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of -32.19 and a beta of 1.17. The business’s fifty day simple moving average is $39.80 and its two-hundred day simple moving average is $37.97.

Braze (NASDAQ:BRZE) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.07. Braze had a negative net margin of 20.41% and a negative return on equity of 24.88%. The company had revenue of $160.40 million for the quarter, compared to analysts’ expectations of $155.72 million. During the same quarter in the previous year, the business posted ($0.04) EPS. Braze’s revenue was up 22.4% compared to the same quarter last year. On average, equities research analysts predict that Braze will post -0.98 EPS for the current year.

Insider Transactions at Braze

In other news, insider Myles Kleeger sold 10,000 shares of Braze stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $45.43, for a total transaction of $454,300.00. Following the sale, the insider now owns 184,396 shares in the company, valued at $8,377,110.28. This trade represents a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Pankaj Malik sold 3,700 shares of Braze stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $45.77, for a total value of $169,349.00. Following the completion of the sale, the chief accounting officer now directly owns 54,784 shares in the company, valued at $2,507,463.68. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 89,470 shares of company stock valued at $3,841,921 over the last quarter. 24.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Braze by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company’s stock worth $354,479,000 after purchasing an additional 1,476,423 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Braze by 2.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,693,357 shares of the company’s stock worth $112,798,000 after buying an additional 63,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Braze by 27.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,309,244 shares of the company’s stock worth $96,711,000 after buying an additional 500,667 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Braze by 121.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,197,407 shares of the company’s stock valued at $92,028,000 after buying an additional 1,203,149 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Braze by 107.0% in the 4th quarter. Invesco Ltd. now owns 1,963,841 shares of the company’s stock valued at $82,246,000 after acquiring an additional 1,015,007 shares during the last quarter. 90.47% of the stock is currently owned by 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.