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

Needham & Company LLC reaffirmed their buy rating on shares of Braze (NASDAQ:BRZE) in a research report sent to investors on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $50.00 price objective on the stock.

Several other research firms have also recently issued reports on BRZE. JMP Securities reissued a “market outperform” rating and issued a $68.00 price objective on shares of Braze in a research report on Tuesday, September 24th. William Blair reissued an “outperform” rating on shares of Braze in a research note on Thursday, December 19th. Loop Capital restated a “buy” rating and set a $75.00 price objective on shares of Braze in a report on Tuesday, September 24th. TD Cowen lowered their target price on Braze from $52.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. Finally, Wells Fargo & Company cut their price target on Braze from $65.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.74.

Braze Price Performance

Shares of BRZE opened at $43.77 on Wednesday. The firm has a fifty day moving average price of $40.85 and a 200-day moving average price of $38.42. Braze has a 12-month low of $29.18 and a 12-month high of $61.53.

Insider Transactions at Braze

In other Braze news, insider Myles Kleeger sold 9,225 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.45, for a total value of $317,801.25. Following the completion of the sale, the insider now directly owns 190,738 shares in the company, valued at approximately $6,570,924.10. This trade represents a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William Magnuson sold 17,933 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.45, for a total value of $617,791.85. Following the sale, the chief executive officer now owns 582,816 shares in the company, valued at $20,078,011.20. The trade was a 2.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,083 shares of company stock valued at $7,260,773. Corporate insiders own 24.03% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BRZE. Charles Schwab Investment Management Inc. increased its position in shares of Braze by 12.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 509,767 shares of the company’s stock valued at $16,486,000 after acquiring an additional 57,713 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Braze in the second quarter valued at about $10,166,000. Victory Capital Management Inc. raised its stake in shares of Braze by 5.0% in the third quarter. Victory Capital Management Inc. now owns 411,544 shares of the company’s stock worth $13,309,000 after purchasing an additional 19,567 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Braze during the second quarter worth about $971,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in Braze by 195.6% in the third quarter. Dynamic Technology Lab Private Ltd now owns 77,690 shares of the company’s stock valued at $2,512,000 after buying an additional 51,411 shares during the last quarter. Hedge funds and other institutional investors own 90.47% of the company’s stock.

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.