Wells Fargo & Company Issues Pessimistic Forecast for Braze (NASDAQ:BRZE) Stock Price

Braze (NASDAQ:BRZE) had its price target reduced by Wells Fargo & Company from $65.00 to $55.00 in a research note published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other analysts have also recently commented on BRZE. JPMorgan Chase & Co. decreased their target price on Braze from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group decreased their price objective on shares of Braze from $65.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $68.00 target price on shares of Braze in a research note on Tuesday, September 24th. Piper Sandler decreased their price target on shares of Braze from $51.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. Finally, DA Davidson dropped their price objective on shares of Braze from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Braze presently has an average rating of “Moderate Buy” and a consensus price target of $53.95.

Braze Stock Down 0.7 %

Shares of Braze stock opened at $38.82 on Tuesday. The stock has a market capitalization of $3.99 billion, a P/E ratio of -32.90 and a beta of 1.03. Braze has a 12-month low of $29.18 and a 12-month high of $61.53. The company has a 50-day simple moving average of $33.22 and a 200 day simple moving average of $37.38.

Braze (NASDAQ:BRZE) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.12. The company had revenue of $145.50 million during the quarter, compared to analyst estimates of $141.32 million. Braze had a negative net margin of 22.01% and a negative return on equity of 25.89%. The company’s revenue was up 26.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.30) earnings per share. On average, equities analysts anticipate that Braze will post -1.02 earnings per share for the current year.

Insider Activity at Braze

In other news, CAO Pankaj Malik sold 3,432 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $34.45, for a total value of $118,232.40. Following the completion of the transaction, the chief accounting officer now owns 67,095 shares of the company’s stock, valued at $2,311,422.75. The trade was a 4.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Myles Kleeger sold 6,342 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $36.03, for a total value of $228,502.26. Following the sale, the insider now directly owns 184,396 shares in the company, valued at $6,643,787.88. The trade was a 3.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,479 shares of company stock worth $4,414,911. 24.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Braze

Several institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new position in Braze in the second quarter valued at approximately $10,166,000. Vanguard Group Inc. lifted its position in Braze by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 5,894,938 shares of the company’s stock valued at $261,146,000 after acquiring an additional 148,366 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new position in Braze in the 1st quarter worth $5,714,000. Mackenzie Financial Corp bought a new position in Braze during the 2nd quarter worth about $971,000. Finally, Victory Capital Management Inc. raised its stake in shares of Braze by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 411,544 shares of the company’s stock valued at $13,309,000 after purchasing an additional 19,567 shares during the period. 90.47% of the stock is currently owned by institutional investors and hedge funds.

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.