Canaccord Genuity Group Cuts Braze (NASDAQ:BRZE) Price Target to $50.00

Braze (NASDAQ:BRZE) had its price target decreased by Canaccord Genuity Group from $65.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research analysts have also commented on BRZE. TD Cowen lowered their price target on Braze from $68.00 to $65.00 and set a buy rating for the company in a research report on Thursday, March 28th. Needham & Company LLC restated a buy rating and set a $70.00 price target on shares of Braze in a research report on Thursday, March 28th. DA Davidson restated a buy rating and set a $65.00 price target on shares of Braze in a research report on Monday, March 25th. Piper Sandler restated an overweight rating and set a $66.00 price target on shares of Braze in a research report on Friday, April 5th. Finally, William Blair restated an outperform rating on shares of Braze in a research report on Thursday, March 28th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Braze currently has an average rating of Moderate Buy and an average target price of $63.41.

Braze Stock Up 1.4 %

BRZE stock opened at $41.35 on Monday. The business has a fifty day moving average of $49.67 and a two-hundred day moving average of $50.69. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of -31.09 and a beta of 1.13. Braze has a 52-week low of $25.76 and a 52-week high of $61.53.

Braze (NASDAQ:BRZE) last posted its earnings results on Wednesday, March 27th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.02. The company had revenue of $130.96 million during the quarter, compared to analysts’ expectations of $124.55 million. Braze had a negative return on equity of 28.24% and a negative net margin of 27.44%. As a group, sell-side analysts anticipate that Braze will post -1.18 EPS for the current year.

Insiders Place Their Bets

In other Braze news, Director Fernando Machado sold 2,361 shares of Braze stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $42.46, for a total transaction of $100,248.06. Following the completion of the sale, the director now directly owns 6,101 shares of the company’s stock, valued at approximately $259,048.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $41.79, for a total transaction of $62,685.00. Following the completion of the sale, the director now directly owns 11,056 shares of the company’s stock, valued at approximately $462,030.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fernando Machado sold 2,361 shares of Braze stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $42.46, for a total value of $100,248.06. Following the sale, the director now directly owns 6,101 shares of the company’s stock, valued at $259,048.46. The disclosure for this sale can be found here. Insiders sold 77,815 shares of company stock valued at $4,164,679 in the last ninety days. Insiders own 26.48% of the company’s stock.

Institutional Trading of Braze

Institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. acquired a new stake in shares of Braze during the third quarter worth about $4,377,000. Morgan Stanley increased its position in shares of Braze by 20.1% during the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock worth $251,769,000 after purchasing an additional 899,894 shares in the last quarter. Seven Eight Capital LP acquired a new stake in shares of Braze during the third quarter worth about $283,000. Penserra Capital Management LLC increased its position in shares of Braze by 375.8% during the third quarter. Penserra Capital Management LLC now owns 55,982 shares of the company’s stock worth $2,616,000 after purchasing an additional 44,217 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 228,089 shares in the last quarter. 90.47% of the stock is owned by hedge funds and other institutional investors.

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.