Canaccord Genuity Group Issues Positive Forecast for Braze (NASDAQ:BRZE) Stock Price

Braze (NASDAQ:BRZE) had its target price boosted by investment analysts at Canaccord Genuity Group from $45.00 to $50.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 36.24% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Macquarie increased their price target on Braze from $30.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Oppenheimer reaffirmed an “outperform” rating and set a $51.00 target price on shares of Braze in a research note on Tuesday, December 10th. DA Davidson reiterated a “buy” rating and issued a $50.00 price target on shares of Braze in a research report on Wednesday. Piper Sandler upped their price target on shares of Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, December 10th. Finally, Stifel Nicolaus set a $50.00 target price on shares of Braze in a report on Friday. One research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $52.40.

Braze Price Performance

BRZE opened at $36.70 on Friday. Braze has a 12 month low of $29.18 and a 12 month high of $48.33. The stock’s 50 day moving average price is $39.80 and its 200 day moving average price is $37.97. The stock has a market cap of $3.80 billion, a P/E ratio of -32.19 and a beta of 1.17.

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

Insider Buying and Selling at Braze

In other news, 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 transaction 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. The trade was a 6.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Magnuson sold 18,050 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $40.82, for a total value of $736,801.00. Following the completion of the transaction, the chief executive officer now owns 564,766 shares in the company, valued at $23,053,748.12. This represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,470 shares of company stock valued at $3,841,921 in the last quarter. Company insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Several hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV boosted its stake in shares of Braze by 2.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,340 shares of the company’s stock worth $559,000 after acquiring an additional 316 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Braze by 3.3% during the 4th quarter. Harbor Capital Advisors Inc. now owns 10,828 shares of the company’s stock worth $453,000 after buying an additional 346 shares during the period. Tower Research Capital LLC TRC grew its stake in Braze by 168.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 646 shares of the company’s stock valued at $27,000 after buying an additional 405 shares during the last quarter. Aster Capital Management DIFC Ltd raised its holdings in Braze by 9,188.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 836 shares of the company’s stock worth $35,000 after acquiring an additional 827 shares during the period. Finally, KBC Group NV lifted its position in Braze by 39.7% during the 4th quarter. KBC Group NV now owns 2,929 shares of the company’s stock worth $123,000 after acquiring an additional 832 shares during the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.

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.