In a report released today, Scott Berg from Needham maintained a Buy rating on Braze (BRZE – Research Report), with a price target of $50.00.
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Scott Berg’s rating is based on a combination of factors including Braze’s solid first-quarter performance, where they exceeded expectations across various metrics. Despite a modest increase in subscription revenue, the company’s strong renewal rates and stable customer metrics indicate a positive trend. Additionally, the commentary from Braze was optimistic about future business trends, with expectations of revenue growth acceleration in the second half of the year.
Furthermore, the potential benefits from the acquisition of OfferFit are seen as a positive development, likely to enhance platform technology and contribute to growth in the coming years. The guidance remains largely unchanged, taking into account the recent acquisition and the positive first-quarter results, reinforcing the Buy rating.
In another report released on June 4, Scotiabank also maintained a Buy rating on the stock with a $56.00 price target.
Based on the recent corporate insider activity of 105 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BRZE in relation to earlier this year.