Canaccord Genuity Group Reaffirms Buy Rating for Braze (NASDAQ:BRZE)

Braze (NASDAQ:BRZE)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a research note issued on Monday,Benzinga reports. They currently have a $43.00 price objective on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 130.08% from the stock’s current price.

Several other research analysts have also commented on the company. Oppenheimer reissued an “outperform” rating and issued a $40.00 price target on shares of Braze in a research report on Wednesday, December 10th. Wolfe Research raised Braze to an “overweight” rating in a research report on Wednesday, December 10th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Braze in a report on Wednesday, January 14th. Stifel Nicolaus set a $40.00 price target on shares of Braze in a research report on Monday, February 9th. Finally, The Goldman Sachs Group cut their price objective on shares of Braze from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Twenty-two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.48.

Braze Stock Up 2.0%

Shares of NASDAQ:BRZE opened at $18.69 on Monday. The firm has a 50 day moving average of $20.40 and a 200 day moving average of $26.72. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -16.85 and a beta of 1.08. Braze has a 52 week low of $15.26 and a 52 week high of $43.89.

Insider Buying and Selling

In other news, General Counsel Susan Wiseman sold 4,167 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $17.03, for a total value of $70,964.01. Following the transaction, the general counsel owned 209,864 shares in the company, valued at $3,573,983.92. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Astha Malik sold 14,049 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.93, for a total value of $237,849.57. Following the sale, the insider owned 205,289 shares of the company’s stock, valued at $3,475,542.77. The trade was a 6.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 60,676 shares of company stock valued at $1,027,661 in the last 90 days. Corporate insiders own 18.20% of the company’s stock.

Institutional Trading of Braze

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Braze by 10.0% in the 4th quarter. Vanguard Group Inc. now owns 9,851,050 shares of the company’s stock worth $337,793,000 after acquiring an additional 892,635 shares during the last quarter. Champlain Investment Partners LLC boosted its position in shares of Braze by 10.8% during the third quarter. Champlain Investment Partners LLC now owns 2,687,928 shares of the company’s stock worth $76,445,000 after buying an additional 261,351 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Braze by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 2,455,367 shares of the company’s stock valued at $69,831,000 after buying an additional 139,133 shares in the last quarter. Battery Management CORP. raised its holdings in shares of Braze by 70.2% in the 3rd quarter. Battery Management CORP. now owns 2,425,000 shares of the company’s stock valued at $68,967,000 after buying an additional 1,000,000 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in Braze by 28.8% during the 2nd quarter. Alliancebernstein L.P. now owns 2,320,171 shares of the company’s stock worth $65,197,000 after acquiring an additional 518,103 shares in the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.

Braze Company Profile

Braze, Inc is a publicly traded software company (NASDAQ: BRZE) that offers a customer engagement platform designed to help brands build personalized relationships with their users. Founded in 2011 as Appboy by Bill Magnuson, Jon Hyman and Mark Ghermezian, the company adopted the Braze name in 2017 to underscore its focus on fostering strong connections between businesses and consumers. Its cloud-based platform consolidates messaging channels including push notifications, in-app messages, email and SMS, enabling companies to deliver timely, context-driven communications at scale.

The core functionality of Braze’s platform centers on data-driven segmentation, customer journey orchestration and real-time analytics.