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

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

Shares of NASDAQ:BRZE traded up $0.81 during midday trading on Wednesday, hitting $35.99. The company had a trading volume of 1,168 shares, compared to its average volume of 659,163. The business’s 50-day simple moving average is $44.09 and its 200-day simple moving average is $39.81. Braze has a twelve month low of $27.09 and a twelve month high of $98.78.

Insider Buying and Selling at Braze

In related news, insider Myles Kleeger sold 10,000 shares of the company’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 document filed with the Securities & Exchange Commission, which is available at this link. In other Braze news, CTO Jonathan Hyman sold 43,500 shares of Braze stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $32.59, for a total value of $1,417,665.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Myles Kleeger sold 10,000 shares of the stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $32.58, for a total value of $325,800.00. The disclosure for this sale can be found here. Insiders sold a total of 219,348 shares of company stock worth $8,914,916 in the last three months. 32.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BRZE. Bank of New York Mellon Corp purchased a new stake in shares of Braze in the 1st quarter valued at approximately $370,000. Bank of Montreal Can raised its position in Braze by 81.7% in the first quarter. Bank of Montreal Can now owns 103,600 shares of the company’s stock valued at $4,645,000 after purchasing an additional 46,591 shares during the period. BlackRock Inc. lifted its stake in Braze by 2,301.3% during the first 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. Blair William & Co. IL lifted its stake in Braze by 8.7% during the first quarter. Blair William & Co. IL now owns 10,220 shares of the company’s stock worth $424,000 after purchasing an additional 820 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings 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 acquiring an additional 124,741 shares during the period. Institutional investors and hedge funds own 39.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BRZE shares. Needham & Company LLC assumed coverage on Braze in a research note on Tuesday. They issued a “buy” rating and a $70.00 price target for the company. Piper Sandler upped their target price on Braze from $42.00 to $47.00 and gave the stock an “overweight” rating in a research note on Tuesday. JMP Securities dropped their price target on shares of Braze from $75.00 to $52.00 and set a “market outperform” rating on the stock in a research note on Tuesday, June 14th. JPMorgan Chase & Co. reduced their price objective on shares of Braze from $65.00 to $42.00 in a research report on Tuesday, June 14th. Finally, Canaccord Genuity Group dropped their target price on shares of Braze from $60.00 to $47.00 and set a “buy” rating on the stock in a research report on Tuesday, June 14th. Sixteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $54.00.

About Braze

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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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