Braze (NASDAQ:BRZE) Price Target Cut to $65.00

Braze (NASDAQ:BRZE) had its price target lowered by equities researchers at Canaccord Genuity Group from $70.00 to $65.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 28.51% from the company’s previous close.

Several other research firms also recently issued reports on BRZE. JPMorgan Chase & Co. upped their price objective on Braze from $52.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, November 29th. DA Davidson reissued a “buy” rating and issued a $65.00 price target on shares of Braze in a research note on Monday. UBS Group raised Braze from a “neutral” rating to a “buy” rating and set a $62.00 price target on the stock in a research note on Thursday, March 21st. Needham & Company LLC increased their price target on Braze from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, December 7th. Finally, William Blair restated an “outperform” rating on shares of Braze in a research report on Thursday. One investment analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.82.

Braze Price Performance

Shares of BRZE opened at $50.58 on Thursday. The business’s 50 day simple moving average is $55.05 and its 200-day simple moving average is $51.24. Braze has a one year low of $25.76 and a one year high of $61.53. The company has a market capitalization of $5.05 billion, a P/E ratio of -36.39 and a beta of 1.21.

Insider Activity at Braze

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

Institutional Investors Weigh In On Braze

Several institutional investors have recently made changes to their positions in BRZE. Fred Alger Management LLC bought a new stake in shares of Braze in the third quarter valued at approximately $29,000. BluePath Capital Management LLC acquired a new position in Braze during the third quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new position in Braze during the fourth quarter valued at approximately $40,000. Royal Bank of Canada raised its position in Braze by 189.3% during the third quarter. Royal Bank of Canada now owns 1,160 shares of the company’s stock valued at $40,000 after purchasing an additional 759 shares in the last quarter. Finally, Canton Hathaway LLC acquired a new position in shares of Braze during the fourth quarter worth $42,000. 90.47% of the stock is currently owned by institutional investors.

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.