Braze (NASDAQ:BRZE) Issues Q3 2023 Earnings Guidance

Braze (NASDAQ:BRZEGet Rating) updated its third quarter 2023 earnings guidance on Tuesday. The company provided EPS guidance of -$0.23–$0.22 for the period, compared to the consensus EPS estimate of -$0.20. The company issued revenue guidance of $90.00 million-$91.00 million, compared to the consensus revenue estimate of $90.03 million. Braze also updated its FY 2023 guidance to -$0.79–$0.77 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Piper Sandler boosted their price target on Braze from $42.00 to $47.00 and gave the company an overweight rating in a research report on Tuesday, September 13th. Cowen decreased their target price on Braze from $54.00 to $50.00 and set an outperform rating for the company in a research report on Tuesday, September 13th. Canaccord Genuity Group reduced their price target on Braze from $60.00 to $47.00 and set a buy rating for the company in a report on Tuesday, June 14th. Needham & Company LLC began coverage on Braze in a report on Tuesday, September 13th. They issued a buy rating and a $70.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price target on Braze from $65.00 to $42.00 in a report on Tuesday, June 14th. Sixteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of Buy and a consensus target price of $54.00.

Braze Trading Up 2.7 %

Shares of BRZE stock traded up $0.92 on Friday, hitting $34.71. The stock had a trading volume of 10,370 shares, compared to its average volume of 685,653. The firm has a market cap of $3.26 billion and a P/E ratio of -19.42. Braze has a twelve month low of $27.09 and a twelve month high of $98.78. The company has a fifty day moving average price of $42.96 and a two-hundred day moving average price of $39.58.

Braze (NASDAQ:BRZEGet Rating) last posted its quarterly earnings data on Monday, September 12th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04. Braze had a negative net margin of 41.54% and a negative return on equity of 35.25%. The company had revenue of $86.13 million during the quarter, compared to the consensus estimate of $81.16 million. Braze’s quarterly revenue was up 54.5% on a year-over-year basis. On average, analysts expect that Braze will post -1.48 earnings per share for the current year.

Insider Activity at Braze

In other news, CAO Pankaj Malik sold 1,997 shares of Braze stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $49.63, for a total transaction of $99,111.11. Following the transaction, the chief accounting officer now owns 78,363 shares in the company, valued at $3,889,155.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Pankaj Malik sold 1,997 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $49.63, for a total transaction of $99,111.11. Following the completion of the sale, the chief accounting officer now directly owns 78,363 shares of the company’s stock, valued at $3,889,155.69. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners Vi, purchased 15,053 shares of the business’s stock in a transaction that occurred on Monday, September 19th. The shares were purchased at an average price of $35.12 per share, for a total transaction of $528,661.36. Following the completion of the acquisition, the insider now owns 489,817 shares of the company’s stock, valued at approximately $17,202,373.04. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 581,564 shares of company stock valued at $20,361,014 and have sold 155,848 shares valued at $6,771,451. 32.14% of the stock is currently owned by insiders.

Institutional Trading of Braze

A number of institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Braze by 54.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 847,360 shares of the company’s stock valued at $30,700,000 after purchasing an additional 298,790 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Braze by 21.8% in the 1st quarter. Vanguard Group Inc. now owns 695,917 shares of the company’s stock worth $28,860,000 after purchasing an additional 124,741 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Braze by 215.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 391,081 shares of the company’s stock worth $14,169,000 after purchasing an additional 267,238 shares during the period. FMR LLC lifted its position in shares of Braze by 472.3% in the 2nd quarter. FMR LLC now owns 291,855 shares of the company’s stock worth $10,574,000 after purchasing an additional 240,855 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Braze by 6.9% in the 2nd quarter. Millennium Management LLC now owns 140,823 shares of the company’s stock worth $5,102,000 after purchasing an additional 9,032 shares during the period. 39.38% of the stock is currently owned by hedge funds and other institutional investors.

Braze Company Profile

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Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. It offers data ingestion products, such as Braze software development kits that automatically manage data ingestion and the delivery of mobile and web notifications, in-application/in-browser interstitial messages, and content cards, as well as can be integrated into a range of digital interfaces and application development frameworks; REST API that can be used to import or export data or to trigger workflows between Braze and brands' existing technology stacks; and partner cohort syncing, which allow brands to sync user cohorts from partners.

Further Reading

Earnings History and Estimates for Braze (NASDAQ:BRZE)

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