Braze (NASDAQ:BRZE) Price Target Cut to $47.00 by Analysts at The Goldman Sachs Group

Braze (NASDAQ:BRZE) had its price objective trimmed by The Goldman Sachs Group from $65.00 to $47.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently commented on BRZE. Piper Sandler lowered their price target on Braze from $51.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Stifel Nicolaus began coverage on Braze in a report on Tuesday, October 22nd. They issued a “buy” rating and a $37.00 target price for the company. Loop Capital reaffirmed a “buy” rating and issued a $75.00 target price on shares of Braze in a report on Tuesday, September 24th. UBS Group reduced their price target on Braze from $56.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Finally, Oppenheimer reduced their price target on Braze from $60.00 to $51.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.47.

Braze Stock Down 3.9 %

Shares of BRZE opened at $35.06 on Tuesday. Braze has a 12-month low of $29.18 and a 12-month high of $61.53. The stock’s fifty day simple moving average is $32.83 and its 200-day simple moving average is $37.63. The firm has a market capitalization of $3.60 billion, a PE ratio of -29.71 and a beta of 1.03.

Braze (NASDAQ:BRZE) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. The firm had revenue of $145.50 million during the quarter, compared to the consensus estimate of $141.32 million. Braze had a negative return on equity of 25.89% and a negative net margin of 22.01%. The business’s revenue was up 26.4% compared to the same quarter last year. During the same period last year, the company earned ($0.30) earnings per share. Analysts anticipate that Braze will post -1.02 EPS for the current year.

Insider Activity at Braze

In related news, major shareholder Roger H. Lee sold 56,830 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $30.27, for a total transaction of $1,720,244.10. Following the sale, the insider now directly owns 56,830 shares in the company, valued at approximately $1,720,244.10. The trade was a 50.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Myles Kleeger sold 6,377 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $43.58, for a total value of $277,909.66. Following the completion of the transaction, the insider now owns 199,963 shares of the company’s stock, valued at approximately $8,714,387.54. This represents a 3.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 153,252 shares of company stock worth $5,977,839. Corporate insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

Large investors have recently modified their holdings of the company. Covestor Ltd boosted its position in shares of Braze by 401.1% in the first quarter. Covestor Ltd now owns 922 shares of the company’s stock valued at $41,000 after acquiring an additional 738 shares during the period. Quarry LP bought a new position in shares of Braze in the second quarter valued at approximately $50,000. Comerica Bank boosted its position in shares of Braze by 29.4% in the first quarter. Comerica Bank now owns 1,216 shares of the company’s stock valued at $54,000 after acquiring an additional 276 shares during the period. KBC Group NV boosted its position in shares of Braze by 41.5% in the third quarter. KBC Group NV now owns 2,097 shares of the company’s stock valued at $68,000 after acquiring an additional 615 shares during the period. Finally, Amalgamated Bank boosted its position in shares of Braze by 18.9% in the third quarter. Amalgamated Bank now owns 2,253 shares of the company’s stock valued at $73,000 after acquiring an additional 358 shares during the period. 90.47% of the stock is currently owned by institutional investors.

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.