JPMorgan Chase & Co. Cuts Braze (NASDAQ:BRZE) Price Target to $58.00

Braze (NASDAQ:BRZE) had its price objective dropped by investment analysts at JPMorgan Chase & Co. from $60.00 to $58.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 26.72% from the company’s current price.

A number of other research analysts also recently commented on BRZE. Scotiabank increased their price objective on shares of Braze from $54.00 to $65.00 and gave the company a “sector perform” rating in a research note on Thursday, December 7th. William Blair restated an “outperform” rating on shares of Braze in a research note on Thursday. JMP Securities increased their target price on shares of Braze from $56.00 to $68.00 and gave the company a “market outperform” rating in a research report on Thursday, December 7th. Raymond James boosted their price objective on Braze from $52.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, December 7th. Finally, Barclays raised their target price on shares of Braze from $65.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, December 7th. One equities research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Braze currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.47.

Braze Stock Performance

NASDAQ BRZE traded down $4.81 during mid-day trading on Thursday, reaching $45.77. 2,075,482 shares of the stock were exchanged, compared to its average volume of 745,461. The stock has a market capitalization of $4.57 billion, a PE ratio of -32.93 and a beta of 1.21. Braze has a 1-year low of $25.76 and a 1-year high of $61.53. The business’s fifty day simple moving average is $55.05 and its 200 day simple moving average is $51.24.

Insider Transactions at Braze

In related news, CFO Isabelle Winkles sold 5,489 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $57.51, for a total value of $315,672.39. Following the sale, the chief financial officer now directly owns 282,564 shares of the company’s stock, valued at $16,250,255.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO William Magnuson sold 11,874 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $57.51, for a total value of $682,873.74. Following the sale, the chief executive officer now directly owns 636,514 shares of the company’s stock, valued at $36,605,920.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Isabelle Winkles sold 5,489 shares of Braze stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $57.51, for a total transaction of $315,672.39. Following the transaction, the chief financial officer now directly owns 282,564 shares in the company, valued at $16,250,255.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,471 shares of company stock valued at $4,196,153. 26.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Braze during the second quarter worth approximately $688,000. PEAK6 Investments LLC bought a new position in shares of Braze in the second quarter worth approximately $311,000. Principal Financial Group Inc. bought a new position in shares of Braze in the third quarter worth approximately $4,377,000. Morgan Stanley grew its holdings in shares of Braze by 20.1% in the third quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock worth $251,769,000 after purchasing an additional 899,894 shares during the last quarter. Finally, Seven Eight Capital LP bought a new position in shares of Braze in the third quarter worth approximately $283,000. 90.47% of the stock is owned by hedge funds and other institutional investors.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers data ingestion products, such as 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 cohort syncing, which allow brands to sync user cohorts from partners; and Braze Cloud Data Ingestion that enables brands to harness their customer data.