Needham & Company LLC Reaffirms “Buy” Rating for Braze (NASDAQ:BRZE)

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They currently have a $70.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 38.39% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. William Blair reiterated an “outperform” rating on shares of Braze in a report on Thursday. Barclays lifted their price target on shares of Braze from $65.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, December 7th. The Goldman Sachs Group lifted their target price on Braze from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, December 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $75.00 price objective on shares of Braze in a research note on Thursday. Finally, JMP Securities upped their price target on shares of Braze from $56.00 to $68.00 and gave the stock a “market outperform” rating in a research report on Thursday, December 7th. One investment analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Braze currently has an average rating of “Moderate Buy” and a consensus target price of $64.82.

Braze Stock Up 2.3 %

BRZE opened at $50.58 on Thursday. The business has a fifty day moving average of $55.05 and a 200 day moving average of $51.24. Braze has a 52-week low of $25.76 and a 52-week high of $61.53. The stock has a market cap of $5.05 billion, a P/E ratio of -36.39 and a beta of 1.21.

Insiders Place Their Bets

In other news, Director Phillip M. Fernandez sold 1,500 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.32, for a total value of $76,980.00. Following the completion of the transaction, the director now directly owns 11,056 shares in the company, valued at $567,393.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Pankaj Malik sold 1,000 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $53.73, for a total transaction of $53,730.00. Following the sale, the chief accounting officer now directly owns 77,853 shares of the company’s stock, valued at approximately $4,183,041.69. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Phillip M. Fernandez sold 1,500 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.32, for a total value of $76,980.00. Following the completion of the transaction, the director now directly owns 11,056 shares of the company’s stock, valued at approximately $567,393.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,471 shares of company stock valued at $4,196,153. Insiders own 26.48% of the company’s stock.

Institutional Trading of Braze

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning grew its stake in Braze by 1.2% in the 4th quarter. Creative Planning now owns 21,827 shares of the company’s stock valued at $1,160,000 after acquiring an additional 249 shares during the period. Voya Investment Management LLC increased its stake in shares of Braze by 1.5% during the fourth quarter. Voya Investment Management LLC now owns 20,814 shares of the company’s stock worth $1,106,000 after purchasing an additional 299 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Braze by 6.6% during the 3rd quarter. HighTower Advisors LLC now owns 5,434 shares of the company’s stock worth $256,000 after purchasing an additional 335 shares during the last quarter. Legal & General Group Plc lifted its stake in Braze by 4.3% in the 4th quarter. Legal & General Group Plc now owns 8,303 shares of the company’s stock valued at $227,000 after buying an additional 340 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Braze by 4.6% during the 3rd quarter. Arizona State Retirement System now owns 11,815 shares of the company’s stock worth $552,000 after buying an additional 524 shares in the last quarter. 90.47% of the stock is currently 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 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.