Arrowstreet Capital Limited Partnership Decreases Stock Position in Braze, Inc. $BRZE

Arrowstreet Capital Limited Partnership lessened its stake in shares of Braze, Inc. (NASDAQ:BRZE) by 9.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 347,021 shares of the company’s stock after selling 35,561 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Braze were worth $9,751,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of Braze by 2.8% in the second quarter. JPMorgan Chase & Co. now owns 2,316,234 shares of the company’s stock worth $65,086,000 after buying an additional 64,025 shares in the last quarter. Citizens Financial Group Inc. RI bought a new stake in Braze in the 2nd quarter worth approximately $736,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Braze during the 1st quarter worth approximately $691,000. Versor Investments LP purchased a new stake in shares of Braze during the 2nd quarter worth approximately $638,000. Finally, AlphaQuest LLC boosted its position in shares of Braze by 250.6% during the 2nd quarter. AlphaQuest LLC now owns 17,899 shares of the company’s stock valued at $503,000 after acquiring an additional 12,794 shares during the last quarter. 90.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BRZE has been the topic of several research reports. Wells Fargo & Company assumed coverage on shares of Braze in a research report on Tuesday, September 30th. They issued an “overweight” rating and a $40.00 price target on the stock. The Goldman Sachs Group set a $52.00 target price on shares of Braze and gave the stock a “buy” rating in a report on Saturday, September 6th. William Blair reaffirmed an “outperform” rating on shares of Braze in a report on Wednesday, October 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Braze in a research note on Wednesday, October 8th. Finally, UBS Group decreased their price objective on Braze from $48.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Nineteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Braze currently has an average rating of “Moderate Buy” and a consensus price target of $45.11.

Insider Activity

In other news, General Counsel Susan Wiseman sold 5,474 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $26.64, for a total value of $145,827.36. Following the sale, the general counsel directly owned 224,250 shares in the company, valued at approximately $5,974,020. This represents a 2.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jonathan Hyman sold 9,789 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $26.64, for a total value of $260,778.96. Following the sale, the chief technology officer directly owned 195,317 shares of the company’s stock, valued at $5,203,244.88. This represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 68,557 shares of company stock valued at $1,856,089. 18.20% of the stock is currently owned by corporate insiders.

Braze Trading Up 2.1%

Shares of NASDAQ:BRZE opened at $30.65 on Wednesday. Braze, Inc. has a 12 month low of $23.91 and a 12 month high of $48.33. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -29.47 and a beta of 1.10. The firm’s 50-day moving average is $27.99 and its 200 day moving average is $28.63.

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.