Braze (NASDAQ:BRZE) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Braze (NASDAQ:BRZEGet Rating) issued its quarterly earnings data on Monday. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04, MarketWatch Earnings reports. The business had revenue of $86.13 million during the quarter, compared to the consensus estimate of $81.16 million. Braze’s revenue for the quarter was up 54.5% on a year-over-year basis. Braze updated its Q3 guidance to $(0.23)-$(0.22) EPS and its FY23 guidance to $(0.79)-$(0.77) EPS.

Braze Stock Up 0.6 %

NASDAQ:BRZE traded up $0.24 during mid-day trading on Monday, hitting $43.58. The stock had a trading volume of 554,325 shares, compared to its average volume of 645,262. The stock has a 50-day simple moving average of $44.26 and a two-hundred day simple moving average of $39.84. Braze has a twelve month low of $27.09 and a twelve month high of $98.78.

Insider Buying and Selling at Braze

In other news, CTO Jonathan Hyman sold 43,500 shares of the company’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $32.59, for a total value of $1,417,665.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Braze news, insider Myles Kleeger sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $32.58, for a total transaction of $325,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Jonathan Hyman sold 43,500 shares of Braze stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $32.59, for a total transaction of $1,417,665.00. The disclosure for this sale can be found here. Insiders have sold 219,348 shares of company stock worth $8,914,916 over the last three months. Insiders own 32.14% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Blair William & Co. IL grew its holdings in shares of Braze by 8.7% during the first quarter. Blair William & Co. IL now owns 10,220 shares of the company’s stock valued at $424,000 after purchasing an additional 820 shares during the last quarter. Bank of America Corp DE lifted its position in Braze by 50,225.0% in the first quarter. Bank of America Corp DE now owns 2,013 shares of the company’s stock worth $83,000 after purchasing an additional 2,009 shares during the period. JPMorgan Chase & Co. acquired a new position in Braze during the second quarter worth about $140,000. Dynamic Technology Lab Private Ltd bought a new stake in Braze during the first quarter worth approximately $346,000. Finally, Legal & General Group Plc acquired a new stake in Braze during the 2nd quarter valued at $305,000. 39.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on BRZE. Piper Sandler reduced their price target on Braze from $65.00 to $42.00 and set an “overweight” rating for the company in a research report on Tuesday, June 14th. Barclays dropped their price objective on Braze from $75.00 to $50.00 and set an “overweight” rating for the company in a report on Wednesday, June 15th. Loop Capital decreased their price objective on Braze from $75.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Cowen reduced their price target on Braze from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Thursday, June 23rd. Finally, UBS Group assumed coverage on shares of Braze in a research report on Tuesday, July 12th. They set a “buy” rating and a $53.00 price objective for the company. Sixteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Braze currently has a consensus rating of “Buy” and an average target price of $52.80.

About Braze

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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.

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