Braze (NASDAQ:BRZE) Shares Down 7.2% – Here’s What Happened

Braze, Inc. (NASDAQ:BRZE) shares dropped 7.2% on Monday . The stock traded as low as $42.28 and last traded at $42.68. Approximately 365,846 shares were traded during trading, a decline of 64% from the average daily volume of 1,005,745 shares. The stock had previously closed at $45.98.

Wall Street Analyst Weigh In

Several brokerages have commented on BRZE. Macquarie lifted their price objective on shares of Braze from $30.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. decreased their price target on shares of Braze from $55.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Piper Sandler upped their price objective on Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, December 10th. Wells Fargo & Company reduced their price objective on Braze from $65.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, November 26th. Finally, Oppenheimer restated an “outperform” rating and issued a $51.00 target price on shares of Braze in a research note on Tuesday, December 10th. One equities research analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.74.

Braze Stock Performance

The firm’s 50 day moving average is $43.20 and its 200 day moving average is $38.95.

Insider Activity

In other Braze news, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $43.13, for a total transaction of $64,695.00. Following the completion of the sale, the director now directly owns 15,269 shares in the company, valued at $658,551.97. The trade was a 8.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Susan Wiseman sold 10,000 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $47.22, for a total transaction of $472,200.00. Following the completion of the transaction, the general counsel now owns 189,520 shares of the company’s stock, valued at $8,949,134.40. This trade represents a 5.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,583 shares of company stock worth $7,797,668 in the last three months. Corporate insiders own 24.03% of the company’s stock.

Hedge Funds Weigh In On Braze

A number of large investors have recently modified their holdings of BRZE. Harbor Capital Advisors Inc. grew its position in Braze by 3.3% during the fourth quarter. Harbor Capital Advisors Inc. now owns 10,828 shares of the company’s stock valued at $453,000 after acquiring an additional 346 shares during the last quarter. Amalgamated Bank raised its position in Braze by 18.9% in the 3rd quarter. Amalgamated Bank now owns 2,253 shares of the company’s stock worth $73,000 after purchasing an additional 358 shares during the period. Creative Planning lifted its stake in Braze by 1.7% in the second quarter. Creative Planning now owns 23,121 shares of the company’s stock worth $898,000 after purchasing an additional 384 shares during the last quarter. KBC Group NV boosted its position in Braze by 41.5% during the third quarter. KBC Group NV now owns 2,097 shares of the company’s stock valued at $68,000 after buying an additional 615 shares during the period. Finally, Diversified Trust Co grew its stake in shares of Braze by 4.1% during the third quarter. Diversified Trust Co now owns 26,697 shares of the company’s stock valued at $863,000 after buying an additional 1,050 shares during the last quarter. 90.47% of the stock is 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.