Braze (NASDAQ:BRZE) Issues Earnings Results

Braze (NASDAQ:BRZEGet Rating) posted its earnings results on Monday. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.04, MarketWatch Earnings reports. The business had revenue of $86.13 million during the quarter, compared to analysts’ expectations of $81.16 million. The company’s revenue for the quarter was up 54.5% compared to the same quarter last year. 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 %

BRZE traded up $0.24 during midday trading on Monday, hitting $43.58. The stock had a trading volume of 554,325 shares, compared to its average volume of 645,262. Braze has a 1 year low of $27.09 and a 1 year high of $98.78. The business has a fifty day moving average of $44.17 and a 200 day moving average of $39.84.

Wall Street Analyst Weigh In

BRZE has been the topic of a number of analyst reports. Cowen lowered their target price on shares of Braze from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday, June 23rd. JMP Securities dropped their price objective on Braze from $75.00 to $52.00 and set a “market outperform” rating on the stock in a report on Tuesday, June 14th. UBS Group assumed coverage on Braze in a research report on Tuesday, July 12th. They set a “buy” rating and a $53.00 price target on the stock. The Goldman Sachs Group lowered their price target on shares of Braze from $65.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, June 15th. Finally, Piper Sandler reduced their price objective on shares of Braze from $65.00 to $42.00 and set an “overweight” rating for the company in a research note on Tuesday, June 14th. Sixteen research analysts have rated the stock with a buy rating, According to MarketBeat, Braze has an average rating of “Buy” and a consensus price target of $52.80.

Insiders Place Their Bets

In related news, insider Myles Kleeger sold 10,000 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $38.48, for a total transaction of $384,800.00. Following the transaction, the insider now owns 60,000 shares of the company’s stock, valued at approximately $2,308,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CTO Jonathan Hyman sold 43,500 shares of the stock in a transaction that occurred on Thursday, June 16th. The stock was sold at an average price of $32.59, for a total transaction of $1,417,665.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Myles Kleeger sold 10,000 shares of Braze stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $38.48, for a total transaction of $384,800.00. Following the completion of the transaction, the insider now directly owns 60,000 shares in the company, valued at $2,308,800. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 219,348 shares of company stock valued at $8,914,916. 32.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Braze

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of Braze by 54.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 847,360 shares of the company’s stock worth $30,700,000 after buying an additional 298,790 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Braze by 215.8% in the second quarter. Goldman Sachs Group Inc. now owns 391,081 shares of the company’s stock worth $14,169,000 after acquiring an additional 267,238 shares during the period. FMR LLC increased its position in Braze by 472.3% during the 2nd quarter. FMR LLC now owns 291,855 shares of the company’s stock valued at $10,574,000 after purchasing an additional 240,855 shares during the period. Vanguard Group Inc. increased its position in Braze by 21.8% during the 1st quarter. Vanguard Group Inc. now owns 695,917 shares of the company’s stock valued at $28,860,000 after purchasing an additional 124,741 shares during the period. Finally, BlackRock Inc. raised its holdings in Braze by 2,301.3% in the 1st quarter. BlackRock Inc. now owns 123,233 shares of the company’s stock worth $5,111,000 after purchasing an additional 118,101 shares in the last quarter. Institutional investors own 39.38% of the company’s stock.

Braze Company Profile

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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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