Braze, Inc. (NASDAQ:BRZE) Short Interest Down 18.1% in January

Braze, Inc. (NASDAQ:BRZE) was the target of a significant drop in short interest in January. As of January 15th, there was short interest totalling 3,940,000 shares, a drop of 18.1% from the December 31st total of 4,810,000 shares. Based on an average daily trading volume, of 1,280,000 shares, the days-to-cover ratio is currently 3.1 days. Approximately 5.6% of the company’s stock are sold short.

Braze Stock Down 9.7 %

Shares of Braze stock traded down $4.46 on Monday, hitting $41.52. The stock had a trading volume of 2,167,898 shares, compared to its average volume of 1,097,038. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of -36.42 and a beta of 1.13. The stock’s 50-day simple moving average is $43.13 and its two-hundred day simple moving average is $38.93. Braze has a one year low of $29.18 and a one year high of $61.53.

Insider Buying and Selling

In related news, CEO William Magnuson sold 17,933 shares of Braze stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $34.45, for a total transaction of $617,791.85. Following the completion of the transaction, the chief executive officer now owns 582,816 shares in the company, valued at approximately $20,078,011.20. This trade represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Myles Kleeger sold 9,225 shares of Braze stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $34.45, for a total value of $317,801.25. Following the transaction, the insider now owns 190,738 shares of the company’s stock, valued at $6,570,924.10. This represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,583 shares of company stock worth $7,797,668. 24.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Braze

Large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its position in shares of Braze by 12.6% during the second quarter. The Manufacturers Life Insurance Company now owns 34,593 shares of the company’s stock valued at $1,344,000 after buying an additional 3,858 shares during the period. Mackenzie Financial Corp purchased a new stake in Braze in the second quarter worth $971,000. Creative Planning raised its holdings 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 in the last quarter. Quarry LP bought a new stake in shares of Braze during the 2nd quarter valued at $50,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Braze in the 3rd quarter worth about $634,000. 90.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of Braze from $37.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Wells Fargo & Company decreased their target price on Braze from $65.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 26th. The Goldman Sachs Group dropped their price target on Braze from $65.00 to $47.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Citigroup upped their price objective on Braze from $47.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Finally, Piper Sandler lifted their target price on Braze from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, December 10th. One research analyst has rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, Braze has a consensus rating of “Moderate Buy” and a consensus target price of $53.74.

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.