ICONIQ Capital LLC Cuts Stock Position in Braze, Inc. $BRZE

ICONIQ Capital LLC trimmed its position in shares of Braze, Inc. (NASDAQ:BRZE) by 49.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 787,388 shares of the company’s stock after selling 768,174 shares during the period. Braze comprises 0.3% of ICONIQ Capital LLC’s investment portfolio, making the stock its 24th largest position. ICONIQ Capital LLC’s holdings in Braze were worth $22,393,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Champlain Investment Partners LLC boosted its stake in Braze by 10.8% in 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 in the last quarter. JPMorgan Chase & Co. grew its position in Braze by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 2,455,367 shares of the company’s stock valued at $69,831,000 after acquiring an additional 139,133 shares during the last quarter. Battery Management CORP. raised its stake in shares of Braze by 70.2% during the third quarter. Battery Management CORP. now owns 2,425,000 shares of the company’s stock worth $68,967,000 after acquiring an additional 1,000,000 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Braze by 28.8% during the second 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. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Braze by 36.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,177,953 shares of the company’s stock worth $61,941,000 after acquiring an additional 577,649 shares during the last quarter. Institutional investors own 90.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BRZE. Citizens Jmp reaffirmed a “market outperform” rating and issued a $68.00 price objective on shares of Braze in a research note on Wednesday, December 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Braze in a research note on Monday, December 29th. DA Davidson upped their price target on shares of Braze from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Piper Sandler reduced their price objective on Braze from $50.00 to $30.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. Finally, Wolfe Research upgraded Braze to an “overweight” rating in a report on Wednesday, December 10th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.65.

Braze Stock Up 1.0%

Shares of NASDAQ BRZE opened at $18.77 on Monday. The firm’s fifty day moving average is $21.62 and its 200 day moving average is $27.02. Braze, Inc. has a 52 week low of $15.26 and a 52 week high of $43.89. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -17.06 and a beta of 1.08.

Insider Buying and Selling at Braze

In other Braze news, CAO Pankaj Malik sold 2,893 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.93, for a total value of $48,978.49. Following the sale, the chief accounting officer owned 50,679 shares of the company’s stock, valued at $857,995.47. This trade represents a 5.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Astha Malik sold 14,049 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.93, for a total transaction of $237,849.57. Following the completion of the transaction, the insider owned 205,289 shares in the company, valued at $3,475,542.77. The trade was a 6.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 66,216 shares of company stock worth $1,225,772 over the last ninety days. 18.20% of the stock is owned by company insiders.

Braze 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.