Victory Capital Management Inc. lessened its stake in shares of Braze, Inc. (NASDAQ:BRZE – Free Report) by 18.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 235,844 shares of the company’s stock after selling 54,044 shares during the quarter. Victory Capital Management Inc. owned about 0.25% of Braze worth $8,153,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Royal Bank of Canada boosted its holdings in shares of Braze by 189.3% during the third quarter. Royal Bank of Canada now owns 1,160 shares of the company’s stock worth $40,000 after purchasing an additional 759 shares during the last quarter. Parallel Advisors LLC acquired a new stake in shares of Braze during the fourth quarter worth $36,000. Bank of America Corp DE raised its position in shares of Braze by 50,225.0% in the 1st quarter. Bank of America Corp DE now owns 2,013 shares of the company’s stock worth $83,000 after buying an additional 2,009 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Braze by 21.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,762 shares of the company’s stock worth $103,000 after buying an additional 669 shares during the period. Finally, JPMorgan Chase & Co. purchased a new position in shares of Braze in the 2nd quarter worth $140,000. Institutional investors and hedge funds own 45.06% of the company’s stock.
Braze Stock Performance
Shares of NASDAQ BRZE opened at $44.37 on Wednesday. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of -30.60 and a beta of 1.04. Braze, Inc. has a 1 year low of $22.53 and a 1 year high of $50.97. The stock’s 50-day simple moving average is $40.18 and its 200-day simple moving average is $34.66.
Insider Buying and Selling
In related news, CTO Jonathan Hyman sold 3,294 shares of Braze stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $45.19, for a total value of $148,855.86. Following the completion of the transaction, the chief technology officer now directly owns 137,010 shares in the company, valued at $6,191,481.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Braze news, CTO Jonathan Hyman sold 3,294 shares of Braze stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $45.19, for a total value of $148,855.86. Following the completion of the transaction, the chief technology officer now directly owns 137,010 shares in the company, valued at $6,191,481.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Myles Kleeger sold 47,406 shares of Braze stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $45.04, for a total value of $2,135,166.24. Following the completion of the transaction, the insider now owns 198,126 shares of the company’s stock, valued at $8,923,595.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 473,297 shares of company stock worth $19,970,970. Corporate insiders own 26.48% of the company’s stock.
Analyst Ratings Changes
Several research analysts recently weighed in on BRZE shares. DA Davidson increased their target price on Braze from $34.00 to $35.00 in a research report on Friday, June 9th. Barclays increased their target price on Braze from $45.00 to $50.00 in a research report on Monday, June 12th. JPMorgan Chase & Co. raised their price objective on Braze from $36.00 to $40.00 in a research report on Friday, June 9th. Wells Fargo & Company raised their price objective on Braze from $37.00 to $43.00 in a research report on Friday, June 9th. Finally, Piper Sandler raised their price objective on Braze from $40.00 to $45.00 in a research report on Friday, June 9th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.94.
Braze Company Profile
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.
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