Short Interest in Braze, Inc. (NASDAQ:BRZE) Drops By 6.0%

Braze, Inc. (NASDAQ:BRZEGet Free Report) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 4,210,000 shares, a decline of 6.0% from the February 29th total of 4,480,000 shares. Based on an average daily volume of 687,900 shares, the days-to-cover ratio is currently 6.1 days. Approximately 7.7% of the shares of the company are short sold.

Braze Stock Performance

BRZE stock opened at $43.01 on Wednesday. The company’s 50 day moving average price is $54.19 and its 200 day moving average price is $51.18. Braze has a fifty-two week low of $25.76 and a fifty-two week high of $61.53.

Insider Activity

In related news, Director Phillip M. Fernandez sold 1,500 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $59.91, for a total value of $89,865.00. Following the completion of the sale, the director now owns 11,056 shares of the company’s stock, valued at approximately $662,364.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Phillip M. Fernandez sold 1,500 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $59.91, for a total value of $89,865.00. Following the completion of the sale, the director now owns 11,056 shares of the company’s stock, valued at approximately $662,364.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Pankaj Malik sold 1,000 shares of the business’s stock in a transaction on Friday, January 12th. The stock was sold at an average price of $53.73, for a total transaction of $53,730.00. Following the completion of 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 disclosure for this sale can be found here. Insiders sold a total of 75,471 shares of company stock valued at $4,196,153 in the last three months. 26.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Braze

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BRZE. BlackRock Inc. boosted its holdings in Braze by 296.6% in the second quarter. BlackRock Inc. now owns 2,604,483 shares of the company’s stock valued at $114,050,000 after purchasing an additional 1,947,831 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in Braze by 537.4% in the fourth quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock valued at $81,135,000 after purchasing an additional 1,287,500 shares in the last quarter. Morgan Stanley boosted its holdings in Braze by 20.1% in the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock valued at $251,769,000 after purchasing an additional 899,894 shares in the last quarter. Deutsche Bank AG boosted its holdings in Braze by 12,400.1% in the first quarter. Deutsche Bank AG now owns 852,010 shares of the company’s stock valued at $29,454,000 after purchasing an additional 845,194 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Braze by 180.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company’s stock valued at $60,053,000 after purchasing an additional 826,100 shares in the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on BRZE shares. William Blair reaffirmed an “outperform” rating on shares of Braze in a research report on Thursday, March 28th. Oppenheimer reiterated an “outperform” rating and set a $75.00 price target on shares of Braze in a research note on Thursday, March 28th. DA Davidson reiterated a “buy” rating and set a $65.00 price target on shares of Braze in a research note on Monday, March 25th. Barclays boosted their price target on shares of Braze from $65.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, December 7th. Finally, Raymond James cut their price target on shares of Braze from $75.00 to $65.00 and set an “outperform” rating on the stock in a research note on Thursday, March 28th. One research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $64.29.

Read Our Latest Analysis on BRZE

About Braze

(Get Free Report)

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.

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