Braze, Inc. (NASDAQ:BRZE – Get Free Report) was the recipient of a large drop in short interest in November. As of November 30th, there was short interest totalling 4,980,000 shares, a drop of 10.1% from the November 15th total of 5,540,000 shares. Approximately 8.7% of the company’s stock are short sold. Based on an average daily volume of 892,100 shares, the days-to-cover ratio is currently 5.6 days.

Insider Transactions at Braze

In related news, CTO Jonathan Hyman sold 38,588 shares of the company’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $49.95, for a total transaction of $1,927,470.60. Following the transaction, the chief technology officer now directly owns 129,830 shares of the company’s stock, valued at approximately $6,485,008.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Braze news, CTO Jonathan Hyman sold 38,588 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $49.95, for a total transaction of $1,927,470.60. Following the transaction, the chief technology officer now owns 129,830 shares in the company, valued at approximately $6,485,008.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Michael Maurice Brown sold 19,813 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $53.21, for a total transaction of $1,054,249.73. Following the completion of the transaction, the insider now directly owns 16,156 shares of the company’s stock, valued at approximately $859,660.76. The disclosure for this sale can be found here. Insiders sold 197,928 shares of company stock valued at $9,672,482 in the last quarter. 26.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BRZE. Wellington Management Group LLP grew its holdings in shares of Braze by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 407,205 shares of the company’s stock worth $19,029,000 after purchasing an additional 21,119 shares during the period. Polar Capital Holdings Plc boosted its stake in Braze by 27.8% during the third quarter. Polar Capital Holdings Plc now owns 341,543 shares of the company’s stock worth $15,960,000 after buying an additional 74,367 shares during the period. Graham Capital Management L.P. purchased a new stake in shares of Braze in the 3rd quarter valued at approximately $367,000. Diversified Trust Co acquired a new position in shares of Braze in the 3rd quarter worth approximately $572,000. Finally, Morgan Stanley increased its holdings in Braze by 20.1% in the 3rd quarter. Morgan Stanley now owns 5,387,736 shares of the company’s stock valued at $251,769,000 after purchasing an additional 899,894 shares during the last quarter. Institutional investors and hedge funds own 49.47% of the company’s stock.

Braze Price Performance

BRZE stock traded down $1.38 during mid-day trading on Friday, reaching $53.98. 1,379,852 shares of the company’s stock were exchanged, compared to its average volume of 774,756. Braze has a 12-month low of $23.67 and a 12-month high of $58.67. The stock’s 50 day moving average is $49.04 and its 200 day moving average is $44.92. The company has a market cap of $5.34 billion, a price-to-earnings ratio of -38.83 and a beta of 1.25.

Braze (NASDAQ:BRZE – Get Free Report) last announced its earnings results on Wednesday, December 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. The firm had revenue of $124.00 million for the quarter, compared to analyst estimates of $117.30 million. Braze had a negative return on equity of 29.16% and a negative net margin of 30.57%. The business’s revenue was up 33.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.35) EPS. On average, research analysts forecast that Braze will post -1.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. DA Davidson raised their price objective on Braze from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 7th. The Goldman Sachs Group raised their price target on shares of Braze from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, December 7th. Oppenheimer increased their price objective on shares of Braze from $42.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, September 8th. Raymond James raised their target price on shares of Braze from $52.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, December 7th. Finally, BTIG Research upped their price target on shares of Braze from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 7th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.65.

Check Out Our Latest Stock Analysis on Braze

About Braze (Get Free Report)

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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Original: MarketBeat News Feed: Braze, Inc. (NASDAQ:BRZE) Sees Significant Decline in Short Interest