Braze (NASDAQ:BRZE) Shares Gap Down Following Analyst Downgrade

Braze, Inc. (NASDAQ:BRZE)’s stock price gapped down prior to trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $70.00 to $65.00. The stock had previously closed at $50.58, but opened at $45.31. Canaccord Genuity Group currently has a buy rating on the stock. Braze shares last traded at $46.57, with a volume of 966,497 shares trading hands.

A number of other research firms also recently weighed in on BRZE. Raymond James boosted their price target on shares of Braze from $52.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, December 7th. Barclays upped their target price on shares of Braze from $65.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, December 7th. The Goldman Sachs Group upped their target price on shares of Braze from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, December 7th. BTIG Research upped their target price on shares of Braze from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, December 7th. Finally, William Blair reaffirmed an “outperform” rating on shares of Braze in a research note on Thursday. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $64.82.

Insider Buying and Selling

In other Braze news, insider Myles Kleeger sold 15,000 shares of the company’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $49.78, for a total transaction of $746,700.00. Following the sale, the insider now directly owns 171,709 shares of the company’s stock, valued at $8,547,674.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Braze news, insider Myles Kleeger sold 15,000 shares of the company’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $49.78, for a total transaction of $746,700.00. Following the sale, the insider now directly owns 171,709 shares of the company’s stock, valued at $8,547,674.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Phillip M. Fernandez sold 1,500 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.32, for a total transaction of $76,980.00. Following the sale, the director now directly owns 11,056 shares in the company, valued at $567,393.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,471 shares of company stock worth $4,196,153. 26.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Braze

Several large investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in Braze by 296.6% during the second quarter. BlackRock Inc. now owns 2,604,483 shares of the company’s stock worth $114,050,000 after acquiring an additional 1,947,831 shares during the period. 1832 Asset Management L.P. increased its position in Braze by 537.4% during the fourth quarter. 1832 Asset Management L.P. now owns 1,527,100 shares of the company’s stock worth $81,135,000 after acquiring an additional 1,287,500 shares during the period. Morgan Stanley increased its position in Braze by 20.1% during the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock worth $251,769,000 after acquiring an additional 899,894 shares during the period. Deutsche Bank AG grew its stake in Braze by 12,400.1% during the first quarter. Deutsche Bank AG now owns 852,010 shares of the company’s stock worth $29,454,000 after buying an additional 845,194 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Braze by 180.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,285,100 shares of the company’s stock worth $60,053,000 after buying an additional 826,100 shares in the last quarter. 90.47% of the stock is owned by institutional investors.

Braze Stock Down 9.9 %

The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of -33.34 and a beta of 1.21. The business’s 50 day simple moving average is $55.05 and its 200-day simple moving average is $51.24.

Braze Company Profile

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.