Braze, Inc. (NASDAQ:BRZE) Sees Significant Increase in Short Interest

Braze, Inc. (NASDAQ:BRZE) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 4,810,000 shares, an increase of 11.9% from the December 15th total of 4,300,000 shares. Based on an average trading volume of 1,360,000 shares, the days-to-cover ratio is currently 3.5 days. Currently, 6.9% of the company’s shares are sold short.

Braze Stock Up 0.0 %

Shares of NASDAQ BRZE traded up $0.02 during midday trading on Friday, hitting $44.11. The stock had a trading volume of 1,458,037 shares, compared to its average volume of 1,143,840. The business’s 50 day moving average is $41.22 and its 200-day moving average is $38.49. Braze has a 52 week low of $29.18 and a 52 week high of $61.53. The company has a market cap of $4.56 billion, a P/E ratio of -38.69 and a beta of 1.11.

Analysts Set New Price Targets

BRZE has been the subject of a number of recent analyst reports. Macquarie upped their price target on shares of Braze from $30.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Loop Capital reiterated a “buy” rating and set a $75.00 target price on shares of Braze in a report on Tuesday, September 24th. Piper Sandler boosted their price target on Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, December 10th. Citigroup upped their price target on Braze from $47.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Finally, William Blair reissued an “outperform” rating on shares of Braze in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Braze presently has an average rating of “Moderate Buy” and an average price target of $53.74.

Insider Transactions at Braze

In other Braze news, General Counsel Susan Wiseman sold 41,210 shares of Braze stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $45.09, for a total value of $1,858,158.90. Following the transaction, the general counsel now directly owns 199,520 shares of the company’s stock, valued at $8,996,356.80. The trade was a 17.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Phillip M. Fernandez sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $42.02, for a total value of $63,030.00. Following the completion of the sale, the director now owns 15,269 shares of the company’s stock, valued at $641,603.38. The trade was a 8.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,583 shares of company stock worth $7,325,468. 24.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Braze

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in shares of Braze by 146.9% in the third quarter. JPMorgan Chase & Co. now owns 1,808,577 shares of the company’s stock worth $58,489,000 after purchasing an additional 1,075,998 shares during the last quarter. State Street Corp increased its holdings in Braze by 21.5% in the 3rd quarter. State Street Corp now owns 1,575,701 shares of the company’s stock worth $50,958,000 after buying an additional 279,050 shares in the last quarter. Geode Capital Management LLC raised its position in Braze by 18.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,497,188 shares of the company’s stock worth $48,428,000 after buying an additional 229,660 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Braze by 69.5% during the 3rd 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 acquiring an additional 612,400 shares during the period. Finally, Stephens Investment Management Group LLC bought a new stake in shares of Braze in the third quarter worth approximately $20,794,000. 90.47% of the stock is 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.