Braze (NASDAQ:BRZE) Issues Earnings Results, Beats Estimates By $0.04 EPS

Braze (NASDAQ:BRZEGet Rating) announced its quarterly earnings data on Monday. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04, MarketWatch Earnings reports. The company had revenue of $86.13 million for the quarter, compared to analysts’ expectations of $81.16 million. The firm’s revenue 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 Price Performance

BRZE traded up $1.18 during trading on Wednesday, reaching $36.36. 2,010 shares of the stock were exchanged, compared to its average volume of 659,163. Braze has a twelve month low of $27.09 and a twelve month high of $98.78. The stock’s 50 day moving average price is $44.09 and its two-hundred day moving average price is $39.81.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Cowen reduced their price objective on shares of Braze from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday. The Goldman Sachs Group cut their target price on shares of Braze from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, June 15th. Raymond James upped their target price on shares of Braze from $40.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays cut their target price on shares of Braze from $75.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, June 15th. Finally, Oppenheimer upped their target price on shares of Braze from $37.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday. Sixteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $54.00.

Insider Buying and Selling at Braze

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

Institutional Investors Weigh In On Braze

Institutional investors and hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in Braze by 54.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 847,360 shares of the company’s stock worth $30,700,000 after acquiring an additional 298,790 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Braze by 215.8% during 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 in the last quarter. FMR LLC increased its stake in shares of Braze by 472.3% in the second quarter. FMR LLC now owns 291,855 shares of the company’s stock valued at $10,574,000 after buying an additional 240,855 shares during the period. Vanguard Group Inc. increased its stake in shares of Braze by 21.8% in the first quarter. Vanguard Group Inc. now owns 695,917 shares of the company’s stock valued at $28,860,000 after buying an additional 124,741 shares during the period. Finally, BlackRock Inc. increased its stake in shares of Braze by 2,301.3% in the first quarter. BlackRock Inc. now owns 123,233 shares of the company’s stock valued at $5,111,000 after buying an additional 118,101 shares during the period. 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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