Acadian Asset Management LLC Reduces Stake in Braze, Inc. (NASDAQ:BRZE)

Acadian Asset Management LLC lowered its position in Braze, Inc. (NASDAQ:BRZE) by 15.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 323,475 shares of the company’s stock after selling 60,269 shares during the period. Acadian Asset Management LLC owned approximately 0.32% of Braze worth $14,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in Braze by 5.5% in the third quarter. Wellington Management Group LLP now owns 407,205 shares of the company’s stock worth $19,029,000 after purchasing an additional 21,119 shares during the last quarter. Vanguard Group Inc. grew its holdings in Braze by 4.5% in the third quarter. Vanguard Group Inc. now owns 5,266,393 shares of the company’s stock worth $246,099,000 after purchasing an additional 228,089 shares during the last quarter. Raymond James & Associates purchased a new position in Braze in the fourth quarter worth $304,000. Arizona State Retirement System grew its holdings in Braze by 11.3% in the fourth quarter. Arizona State Retirement System now owns 13,150 shares of the company’s stock worth $699,000 after purchasing an additional 1,335 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Braze by 2.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,831 shares of the company’s stock valued at $1,266,000 after buying an additional 588 shares during the last quarter. Institutional investors own 90.47% of the company’s stock.

Braze Stock Up 0.1 %

Shares of Braze stock traded up $0.03 during mid-day trading on Friday, hitting $40.11. The stock had a trading volume of 754,363 shares, compared to its average volume of 1,189,563. The firm has a 50-day moving average of $38.72 and a two-hundred day moving average of $46.01. Braze, Inc. has a 12-month low of $33.93 and a 12-month high of $61.53. The firm has a market cap of $4.08 billion, a P/E ratio of -31.34 and a beta of 1.06.

Braze (NASDAQ:BRZE) last posted its quarterly earnings data on Thursday, June 6th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.01. The firm had revenue of $135.46 million during the quarter, compared to analysts’ expectations of $131.56 million. Braze had a negative net margin of 25.06% and a negative return on equity of 27.85%. Sell-side analysts expect that Braze, Inc. will post -1.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BRZE shares. Oppenheimer reissued an “outperform” rating and set a $60.00 price objective on shares of Braze in a report on Wednesday, June 12th. JPMorgan Chase & Co. decreased their price objective on shares of Braze from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, March 28th. DA Davidson reiterated a “buy” rating and issued a $65.00 price objective on shares of Braze in a research report on Monday, March 25th. Piper Sandler reduced their price target on shares of Braze from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Citigroup upped their price target on shares of Braze from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Seventeen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Braze has a consensus rating of “Buy” and a consensus price target of $61.13.

Insider Buying and Selling

In related news, insider Myles Kleeger sold 9,177 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.76, for a total transaction of $383,231.52. Following the completion of the transaction, the insider now owns 221,906 shares of the company’s stock, valued at approximately $9,266,794.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Braze news, CEO William Magnuson sold 17,839 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $41.76, for a total transaction of $744,956.64. Following the sale, the chief executive officer now directly owns 618,675 shares in the company, valued at approximately $25,835,868. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Myles Kleeger sold 9,177 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $41.76, for a total transaction of $383,231.52. Following the sale, the insider now owns 221,906 shares in the company, valued at $9,266,794.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,085 shares of company stock valued at $3,257,592. Company insiders own 24.03% of the company’s stock.

Braze Profile

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.