Braze (NASDAQ:BRZE) Price Target Cut to $45.00 by Analysts at TD Cowen

Braze (NASDAQ:BRZE) had its price objective dropped by equities research analysts at TD Cowen from $52.00 to $45.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 39.06% from the company’s previous close.

Several other research firms have also commented on BRZE. Loop Capital reaffirmed a “buy” rating and set a $75.00 price objective on shares of Braze in a research note on Tuesday. Scotiabank upgraded shares of Braze from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $48.00 to $56.00 in a report on Wednesday, July 10th. Barclays reduced their price objective on shares of Braze from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Monday, August 26th. BTIG Research dropped their target price on Braze from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Braze in a report on Friday, September 6th. Eighteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Braze currently has an average rating of “Buy” and an average target price of $59.18.

Braze Trading Down 0.9 %

Shares of NASDAQ:BRZE opened at $32.36 on Tuesday. The company has a market cap of $3.29 billion, a price-to-earnings ratio of -25.28 and a beta of 1.07. Braze has a 12 month low of $31.80 and a 12 month high of $61.53. The company has a 50-day moving average price of $40.02 and a 200 day moving average price of $41.01.

Braze (NASDAQ:BRZE) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.12. The business had revenue of $145.50 million for 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 company’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.30) earnings per share. As a group, equities analysts forecast that Braze will post -1.02 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Pankaj Malik sold 2,262 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $38.14, for a total value of $86,272.68. Following the completion of the sale, the chief accounting officer now owns 74,361 shares in the company, valued at approximately $2,836,128.54. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Pankaj Malik sold 2,262 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $38.14, for a total transaction of $86,272.68. Following the transaction, the chief accounting officer now directly owns 74,361 shares in the company, valued at $2,836,128.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Isabelle Winkles sold 4,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $39.06, for a total transaction of $175,770.00. Following the completion of the transaction, the chief financial officer now directly owns 242,627 shares of the company’s stock, valued at approximately $9,477,010.62. The disclosure for this sale can be found here. Insiders have sold a total of 188,727 shares of company stock worth $8,140,693 in the last three months. Corporate insiders own 24.03% of the company’s stock.

Institutional Investors Weigh In On Braze

A number of hedge funds have recently made changes to their positions in BRZE. Point72 Asset Management L.P. purchased a new position in Braze in the second quarter valued at about $10,166,000. Quarry LP bought a new stake in shares of Braze in the 2nd quarter valued at about $50,000. Creative Planning grew its position in shares of Braze by 1.7% in the 2nd quarter. Creative Planning now owns 23,121 shares of the company’s stock worth $898,000 after buying an additional 384 shares during the last quarter. Algert Global LLC bought a new position in shares of Braze during the 2nd quarter worth approximately $2,376,000. Finally, Mackenzie Financial Corp purchased a new stake in Braze during the second quarter valued at approximately $971,000. 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 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.