ICONIQ Capital LLC Trims Holdings in Braze, Inc. $BRZE

ICONIQ Capital LLC trimmed its stake in shares of Braze, Inc. (NASDAQ:BRZE) by 49.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 787,388 shares of the company’s stock after selling 768,174 shares during the quarter. Braze accounts for about 0.3% of ICONIQ Capital LLC’s holdings, making the stock its 24th largest position. ICONIQ Capital LLC owned about 0.71% of Braze worth $22,393,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its stake in Braze by 173.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,372 shares of the company’s stock worth $39,000 after purchasing an additional 870 shares during the period. Osaic Holdings Inc. increased its position in shares of Braze by 821.1% during the second quarter. Osaic Holdings Inc. now owns 1,575 shares of the company’s stock valued at $44,000 after buying an additional 1,404 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of Braze by 58.2% in the third quarter. Clearstead Advisors LLC now owns 1,685 shares of the company’s stock worth $48,000 after buying an additional 620 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Braze by 35.7% in the third quarter. Covestor Ltd now owns 2,894 shares of the company’s stock worth $82,000 after buying an additional 761 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Braze in the third quarter valued at approximately $119,000. Hedge funds and other institutional investors own 90.47% of the company’s stock.

Braze Trading Up 1.0%

BRZE stock opened at $18.77 on Monday. The company’s 50 day moving average is $21.62 and its 200 day moving average is $27.02. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -17.06 and a beta of 1.08. Braze, Inc. has a 1-year low of $15.26 and a 1-year high of $43.89.

Insiders Place Their Bets

In other news, CEO William Magnuson sold 26,413 shares of Braze stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.93, for a total transaction of $447,172.09. Following the completion of the sale, the chief executive officer directly owned 4,491,098 shares of the company’s stock, valued at approximately $76,034,289.14. The trade was a 0.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Astha Malik sold 14,049 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $16.93, for a total transaction of $237,849.57. Following the completion of the transaction, the insider owned 205,289 shares of the company’s stock, valued at $3,475,542.77. This trade represents a 6.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 66,216 shares of company stock worth $1,225,772. 18.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BRZE shares. Citigroup boosted their price objective on shares of Braze from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, December 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Braze in a report on Monday, December 29th. Stifel Nicolaus set a $40.00 price target on shares of Braze in a research report on Monday, February 9th. Wolfe Research raised shares of Braze to an “overweight” rating in a report on Wednesday, December 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $38.00 price objective on shares of Braze in a research report on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.65.

Braze Company Profile

Braze, Inc is a publicly traded software company (NASDAQ: BRZE) that offers a customer engagement platform designed to help brands build personalized relationships with their users. Founded in 2011 as Appboy by Bill Magnuson, Jon Hyman and Mark Ghermezian, the company adopted the Braze name in 2017 to underscore its focus on fostering strong connections between businesses and consumers. Its cloud-based platform consolidates messaging channels including push notifications, in-app messages, email and SMS, enabling companies to deliver timely, context-driven communications at scale.

The core functionality of Braze’s platform centers on data-driven segmentation, customer journey orchestration and real-time analytics.