Alliancebernstein L.P. Has $94.80 Million Stake in Braze, Inc. (NASDAQ:BRZE)

Alliancebernstein L.P. lowered its stake in shares of Braze, Inc. (NASDAQ:BRZE) by 4.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,263,548 shares of the company’s stock after selling 114,873 shares during the period. Alliancebernstein L.P. owned approximately 2.19% of Braze worth $94,797,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BRZE. Norges Bank acquired a new position in Braze in the 4th quarter valued at approximately $62,639,000. Vanguard Group Inc. raised its stake in shares of Braze by 21.1% in the fourth quarter. Vanguard Group Inc. now owns 8,464,161 shares of the company’s stock valued at $354,479,000 after purchasing an additional 1,476,423 shares in the last quarter. Wellington Management Group LLP bought a new position in Braze in the fourth quarter worth $50,000,000. JPMorgan Chase & Co. boosted its stake in Braze by 146.9% during the third quarter. JPMorgan Chase & Co. now owns 1,808,577 shares of the company’s stock worth $58,489,000 after buying an additional 1,075,998 shares in the last quarter. Finally, State Street Corp increased its holdings in Braze by 21.5% in the 3rd quarter. State Street Corp now owns 1,575,701 shares of the company’s stock valued at $50,958,000 after buying an additional 279,050 shares during the period. Institutional investors own 90.47% of the company’s stock.

Braze Price Performance

Shares of Braze stock opened at $36.30 on Thursday. The firm has a 50 day simple moving average of $39.16 and a 200 day simple moving average of $38.04. Braze, Inc. has a fifty-two week low of $29.18 and a fifty-two week high of $48.33. The firm has a market cap of $3.76 billion, a P/E ratio of -31.84 and a beta of 1.17.

Braze (NASDAQ:BRZE) last announced its quarterly earnings data on Thursday, March 27th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.07. The firm had revenue of $160.40 million for the quarter, compared to analyst estimates of $155.72 million. Braze had a negative return on equity of 24.88% and a negative net margin of 20.41%. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company earned ($0.04) EPS. On average, sell-side analysts expect that Braze, Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling

In other news, General Counsel Susan Wiseman sold 10,000 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $47.22, for a total value of $472,200.00. Following the transaction, the general counsel now owns 189,520 shares of the company’s stock, valued at $8,949,134.40. This represents a 5.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Phillip M. Fernandez sold 1,500 shares of Braze stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $43.13, for a total value of $64,695.00. Following the sale, the director now directly owns 15,269 shares of the company’s stock, valued at approximately $658,551.97. This trade represents a 8.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 90,970 shares of company stock worth $3,904,111 over the last three months. 24.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $51.00 price objective on shares of Braze in a report on Tuesday, December 10th. Raymond James raised their price target on shares of Braze from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, March 28th. Canaccord Genuity Group increased their target price on Braze from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, March 28th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $55.00 price target (up previously from $50.00) on shares of Braze in a research note on Friday, March 28th. Finally, Piper Sandler upped their price target on Braze from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $53.00.

About Braze

Braze, Inc operates a customer engagement platform that provides interactions between consumers and brands worldwide. The company offers 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 Data Integrations, which allow brands to sync user cohorts from partners; Data Transformation, in which brands can programmatically sync and transform user data; and Braze Cloud Data Ingestion that enables brands to harness their customer data.