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NEW YORK--(BUSINESS WIRE)--Dec 9, 2024-- Braze (Nasdaq: BRZE) the leading customer engagement platform that empowers brands to Be Absolutely EngagingTM, today announced results for its fiscal quarter ended October 31, 2024. “We continued to execute in the third quarter, delivering strong revenue growth and operating leverage while maintaining steady investment in our product, our ecosystem, and our go-to-market motion to continue positioning Braze as the leading cross-channel customer engagement platform,” said Bill Magnuson, Cofounder and CEO of Braze. “We are confidently on track to meet our profitability targets for the fiscal fourth quarter of and full fiscal year 2025, and continue to focus on driving growth through customer engagement innovations that empower our customers to create more valuable customer experiences.” Fiscal Third Quarter 2025 Financial Highlights Recent Business Highlights Financial Outlook Braze is initiating guidance for the fiscal fourth quarter ending January 31, 2025 and updating guidance for the fiscal year ending January 31, 2025. Metric (in millions, except per share amounts) FY 2025 Q4 Guidance FY 2025 Guidance Revenue $155.0 - 156.0 $588.0 - 589.0 Non-GAAP operating income (loss) $2.0 - 3.0 $(5.0) - (6.0) Non-GAAP net income $5.0 - 6.0 $11.0 - 12.0 Non-GAAP net income per share, diluted $0.05 - 0.06 $0.10 - 0.11 Weighted average common shares used in computing non-GAAP net income per share, diluted ~107.5 ~107.0 Braze has not reconciled its guidance as to non-GAAP operating income (loss), non-GAAP net income or non-GAAP net income per share to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze’s stock price. Accordingly, reconciliations are not available without unreasonable effort, although it is important to note that these factors could be material to Braze’s results calculated in accordance with GAAP. Conference Call Information: What: Braze Third Quarter Fiscal Year 2025 Financial Results Conference Call When: Monday, December 9th at 4:30 pm EST / 1:30 pm PST Webcast & Supplemental Data: investors.braze.com Replay: A webcast replay will be available on Braze’s investor site at investors.braze.com . Supplemental and Other Financial Information Supplemental information, including an accompanying financial presentation and other information can be accessed through Braze’s investor website at investors.braze.com . Non-GAAP Financial Measures This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, basic and diluted, and non-GAAP free cash flow. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution expense, contingent consideration adjustments, acquisition related expense, amortization of intangible assets, and restructuring expense. Prior to the fourth quarter of the fiscal year ended January 31, 2024, Braze did not adjust non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin or non-GAAP net income (loss) for contingent consideration adjustments, because there were no such adjustments in prior periods. Braze defines non-GAAP free cash flow as net cash provided by/(used in) operating activities, minus purchases of property and equipment and minus capitalized internal-use software costs. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze’s management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly and fiscal year financial results, including this press release, and not to rely on any single financial measure to evaluate Braze’s business. Definition of Other Business Metrics Customer : Braze defines a customer, as of period end, as the separate and distinct, ultimate parent-level entity that has an active subscription with Braze to use its products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer. Annual Recurring Revenue (ARR) : Braze defines ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which Braze is negotiating a renewal). Braze’s calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. ARR may decline or fluctuate as a result of a number of factors, including customers’ satisfaction or dissatisfaction with Braze’s products and professional services, pricing, competitive offerings, economic conditions or overall changes in Braze’s customers’ spending levels. ARR should be viewed independently of revenue and does not represent Braze’s GAAP revenue on an annualized basis or a forecast of revenue, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. Dollar-Based Net Retention Rate : Braze calculates dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). Braze then calculates the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. Braze then divides the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. Braze then calculates the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate. Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze’s financial outlook for the fourth quarter of and the full fiscal year ended January 31, 2025. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “hope,” “intend,” “may,” might,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on Braze’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) unstable market and economic conditions may have serious adverse consequences on Braze’s business, financial condition and share price; (2) Braze’s recent rapid revenue growth may not be indicative of its future revenue growth; (3) Braze’s history of operating losses; (4) Braze’s limited operating history at its current scale; (5) Braze’s ability to successfully manage its growth; (6) the accuracy of estimates of market opportunity and forecasts of market growth and the impact of global and domestic socioeconomic events on Braze’s business; (7) Braze’s ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (8) Braze’s ability to attract new customers and renew existing customers; (9) the competitive markets in which Braze participates and the intense competition that it faces; (10) Braze’s ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (11) Braze’s reliance on third-party providers of cloud-based infrastructure; as well as other risks and uncertainties discussed in the “Risk Factors” section of Braze’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on April 1, 2024 and other subsequent filings Braze makes with the SEC from time to time, including Braze’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 that will be filed with the SEC. The forward-looking statements included in this press release represent Braze’s views only as of the date of this press release and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law. About Braze Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging.TM Braze allows any marketer to collect and take action on any amount of data from any source, so they can creatively engage with customers in real time, across channels from one platform. From cross-channel messaging and journey orchestration to Al-powered experimentation and optimization, Braze enables companies to build and maintain absolutely engaging relationships with their customers that foster growth and loyalty. The company has been recognized as a 2024 U.S. News Best Technology Companies to Work For, is a 2023 UK Best Workplace for Women by Great Place to Work, and was named a Leader by Gartner® in the 2024 Magic QuadrantTM for Multichannel Marketing Hubs and in The Forrester WaveTM: Cross-Channel Marketing Hubs, Q1 2023. Braze is headquartered in New York with 10+ offices across North America, Europe, and APAC. Learn more at braze.com . Braze uses its Investor website at investors.braze.com as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor its investor relations website in addition to following its press releases, blog posts on its website (braze.com), SEC filings and public conference calls and webcasts. Selected Financial Data BRAZE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue $ 152,052 $ 123,956 $ 433,010 $ 340,843 Cost of revenue (1)(2) 45,910 36,374 133,878 104,535 Gross profit 106,142 87,582 299,132 236,308 Operating expenses: Sales and marketing (1)(2)(6) 74,658 66,395 213,054 184,074 Research and development (1)(2) 32,855 29,872 100,369 88,749 General and administrative (1)(2)(3)(4)(5)(6)(7) 31,199 26,448 86,309 75,884 Total operating expenses 138,712 122,715 399,732 348,707 Loss from operations (32,570 ) (35,133 ) (100,600 ) (112,399 ) Other income, net 5,294 4,542 15,968 11,866 Loss before provision for income taxes (27,276 ) (30,591 ) (84,632 ) (100,533 ) Provision for income taxes 851 385 2,351 1,318 Net loss (28,127 ) (30,976 ) (86,983 ) (101,851 ) Net loss attributable to redeemable non-controlling interest (216 ) (235 ) (432 ) (962 ) Net loss attributable to Braze, Inc. $ (27,911 ) $ (30,741 ) $ (86,551 ) $ (100,889 ) Net loss per share attributable to Braze, Inc. common stockholders, basic and diluted $ (0.27 ) $ (0.31 ) $ (0.85 ) $ (1.03 ) Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted 102,146 97,880 101,714 97,615 (1) Includes stock-based compensation as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenue $ 1,003 $ 900 $ 3,045 $ 2,690 Sales and marketing 9,608 7,899 28,945 23,554 Research and development 10,343 9,479 32,623 29,251 General and administrative 7,364 5,761 21,805 17,466 Total stock-based compensation expense $ 28,318 $ 24,039 $ 86,418 $ 72,961 (2) Includes employer taxes related to stock-based compensation as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenue $ 42 $ 29 $ 156 $ 81 Sales and marketing 247 245 1,070 609 Research and development 220 199 1,400 721 General and administrative 127 84 567 239 Total employer taxes related to stock-based compensation expense $ 636 $ 557 $ 3,193 $ 1,650 (3) Includes 1% Pledge charitable donation expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ 1,417 $ 1,427 $ 2,764 $ 2,391 (4) Includes acquisition related expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ — $ — $ — $ 1,946 (5) Includes amortization of intangible assets acquired in the acquisition expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ 101 $ 215 $ 459 $ 363 (6) Includes restructuring related expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Sales and marketing $ — $ — $ — $ 541 General and administrative — — — $ 103 Total restructuring costs $ — $ — $ — $ 644 (7) Includes adjustment to the fair value of the contingent consideration liability as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ (86 ) $ — $ (223 ) $ — BRAZE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) October 31, 2024 January 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 61,312 $ 68,228 Restricted cash, current — 3,373 Accounts receivable, net of allowance of $2,696 and $2,772 at October 31, 2024 and January 31, 2024, respectively 90,299 92,256 Marketable securities 431,258 407,898 Prepaid expenses and other current assets 30,452 29,366 Total current assets 613,321 601,121 Restricted cash, noncurrent 530 530 Property and equipment, net 39,910 29,358 Operating lease right-of-use assets 80,352 81,163 Deferred contract costs 72,388 63,661 Goodwill 28,448 28,448 Intangible assets, net 3,231 3,690 Other assets 3,832 2,970 TOTAL ASSETS $ 842,012 $ 810,941 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,912 $ 6,321 Accrued expenses and other current liabilities 63,322 63,264 Deferred revenue 223,682 204,269 Operating lease liabilities, current 18,315 15,585 Total current liabilities 308,231 289,439 Operating lease liabilities, noncurrent 73,768 75,027 Other long-term liabilities 2,200 2,050 TOTAL LIABILITIES 384,199 366,516 COMMITMENTS AND CONTINGENCIES (Note 13) Redeemable non-controlling interest (Note 4) (240 ) 192 STOCKHOLDERS’ EQUITY Class A common stock, $0.0001 par value; 2,000,000,000 and 2,000,000,000 shares authorized as of October 31, 2024 and January 31, 2024, respectively; 82,534,449 and 73,037,015 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively 8 7 Class B common stock, $0.0001 par value; 110,000,000 and 110,000,000 shares authorized as of October 31, 2024 and January 31, 2024, respectively; 20,296,274 and 27,173,408 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively 2 3 Additional paid-in capital 1,027,339 928,494 Accumulated other comprehensive loss 348 (1,178 ) Accumulated deficit (569,644 ) (483,093 ) TOTAL STOCKHOLDERS’ EQUITY 458,053 444,233 TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY $ 842,012 $ 810,941 BRAZE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Nine Months Ended October 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (including amounts attributable to redeemable non-controlling interests) $ (86,983 ) $ (101,851 ) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation 87,184 72,961 Amortization of deferred contract costs 26,004 21,684 Depreciation and amortization 7,368 5,082 Provision for credit losses 2,157 1,717 Value of common stock donated to charity 2,764 2,391 (Accretion) amortization of (discount) premium on marketable securities (1,605 ) 1,579 Non-cash foreign exchange loss (802 ) 473 Fair value adjustments to contingent consideration (223 ) — Fixed asset write offs 436 128 Other 1 8 Changes in operating assets and liabilities: Accounts receivable (227 ) 7,269 Prepaid expenses and other current assets (1,365 ) 1,946 Deferred contract costs (34,764 ) (32,609 ) ROU assets and liabilities 2,123 1,903 Other assets (506 ) (324 ) Accounts payable (3,326 ) 2,859 Accrued expenses and other current liabilities 2,105 9,321 Deferred revenue 19,517 8,363 Other long-term liabilities (261 ) 129 Net cash provided by operating activities 19,597 3,029 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisition, net of cash acquired — (16,319 ) Purchases of property and equipment (12,147 ) (3,439 ) Capitalized internal-use software costs (3,023 ) (2,536 ) Purchases of marketable securities (179,545 ) (191,922 ) Maturities of marketable securities 159,086 194,737 Net cash used in investing activities (35,629 ) (19,479 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of common stock options 3,682 5,949 Proceeds from stock associated with employee stock purchase plan 4,752 3,222 Payments of deferred purchase consideration (2,916 ) (165 ) Net cash provided by financing activities 5,518 9,006 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash 225 (806 ) Net change in cash, cash equivalents, and restricted cash (10,289 ) (8,250 ) Cash, cash equivalents, and restricted cash, beginning of period 72,131 72,623 Cash, cash equivalents, and restricted cash, end of period $ 61,842 $ 64,373 BRAZE, INC. U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (in thousands, except per share amounts) The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure: Reconciliation of GAAP to Non-GAAP Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Gross profit $ 106,142 $ 87,582 $ 299,132 $ 236,308 Plus: Stock-based compensation expense 1,003 900 3,045 2,690 Employer taxes related to stock-based compensation expense 42 29 156 81 Non-GAAP gross profit $ 107,187 $ 88,511 $ 302,333 $ 239,079 GAAP gross margin 69.8 % 70.7 % 69.1 % 69.3 % Non-GAAP gross margin 70.5 % 71.4 % 69.8 % 70.1 % Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 GAAP sales and marketing expense $ 74,658 $ 66,395 $ 213,054 $ 184,074 Less: Stock-based compensation expense 9,608 7,899 28,945 23,554 Employer taxes related to stock-based compensation expense 247 245 1,070 609 Restructuring expense — — — 541 Non-GAAP sales and marketing expense $ 64,803 $ 58,251 $ 183,039 $ 159,370 GAAP research and development expense $ 32,855 $ 29,872 $ 100,369 $ 88,749 Less: Stock-based compensation expense 10,343 9,479 32,623 29,251 Employer taxes related to stock-based compensation expense 220 199 1,400 721 Non-GAAP research and development expense $ 22,292 $ 20,194 $ 66,346 $ 58,777 GAAP general and administrative expense $ 31,199 $ 26,448 $ 86,309 $ 75,884 Less: Stock-based compensation expense 7,364 5,761 21,805 17,466 Employer taxes related to stock-based compensation expense 127 84 567 239 1% Pledge charitable contribution expense 1,417 1,427 2,764 2,391 Acquisition related expense — — — 1,946 Amortization of intangibles expense 101 215 459 363 Restructuring expense — — — 103 Contingent consideration adjustment (86 ) — (223 ) — Non-GAAP general and administrative expense $ 22,276 $ 18,961 $ 60,937 $ 53,376 Reconciliation of GAAP to Non-GAAP Operating Loss Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Loss from operations $ (32,570 ) $ (35,133 ) $ (100,600 ) $ (112,399 ) Plus: Stock-based compensation expense 28,318 24,039 86,418 72,961 Employer taxes related to stock-based compensation expense 636 557 3,193 1,650 1% Pledge charitable contribution expense 1,417 1,427 2,764 2,391 Acquisition related expense — — — 1,946 Amortization of intangibles expense 101 215 459 363 Restructuring expense — — — 644 Contingent consideration adjustment (86 ) — (223 ) — Non-GAAP loss from operations $ (2,184 ) $ (8,895 ) $ (7,989 ) $ (32,444 ) GAAP operating margin (21.4 )% (28.3 )% (23.2 )% (33.0 )% Non-GAAP operating margin (1.4 )% (7.2 )% (1.8 )% (9.5 )% Reconciliation of GAAP to Non-GAAP Net Income (Loss) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net loss attributable to Braze, Inc. $ (27,911 ) $ (30,741 ) $ (86,551 ) $ (100,889 ) Plus: Stock-based compensation expense 28,318 24,039 86,418 72,961 Employer taxes related to stock-based compensation expense 636 557 3,193 1,650 1% Pledge charitable contribution expense 1,417 1,427 2,764 2,391 Acquisition related expense — — — 1,946 Amortization of intangibles expense 101 215 459 363 Restructuring expense — — — 644 Contingent consideration adjustment (86 ) — (223 ) — Non-GAAP net income (loss) attributable to Braze, Inc. (1) $ 2,475 $ (4,503 ) $ 6,060 $ (20,934 ) Non-GAAP net income (loss) per share attributable to Braze, Inc. common stockholders, basic $ 0.02 $ (0.05 ) $ 0.06 $ (0.21 ) Non-GAAP net income (loss) per share attributable to Braze, Inc. common stockholders, diluted $ 0.02 $ (0.05 ) $ 0.06 $ (0.21 ) Weighted-average shares used to compute net income (loss) per share attributable to Braze, Inc. common stockholders, basic 102,146 97,880 101,714 97,615 Weighted-average shares used to compute net income (loss) per share attributable to Braze, Inc. common stockholders, diluted 106,820 97,880 106,614 97,615 (1) Assumes no non-GAAP tax expenses associated with the non-GAAP adjustment due to the Company’s historical non-GAAP net loss position and available deferred tax assets sufficient to offset such non-GAAP tax expense. Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net cash provided by/(used in) operating activities $ (11,410 ) $ (2,003 ) $ 19,597 $ 3,029 Less: Purchases of property and equipment (1,923 ) (3,012 ) (12,147 ) (3,439 ) Capitalized internal-use software costs (915 ) (896 ) (3,023 ) (2,536 ) Non-GAAP free cash flow $ (14,248 ) $ (5,911 ) $ 4,427 $ (2,946 ) Source: Braze, Inc. Braze is a registered trademark of Braze, Inc. All product and company names herein may be trademarks of their registered owners. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209508572/en/ CONTACT: Investors: Christopher Ferris IR@braze.com (609) 964-0585Media: Meghan Halaszynski Press@braze.com KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY MARKETING ADVERTISING COMMUNICATIONS SOFTWARE NETWORKS INTERNET DIGITAL MARKETING DATA MANAGEMENT ARTIFICIAL INTELLIGENCE SOURCE: Braze Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:06 PM http://www.businesswire.com/news/home/20241209508572/en

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Mutual of America Capital Management LLC reduced its holdings in shares of Credo Technology Group Holding Ltd ( NASDAQ:CRDO – Free Report ) by 0.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 102,209 shares of the company’s stock after selling 958 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Credo Technology Group were worth $3,148,000 as of its most recent SEC filing. Other hedge funds have also made changes to their positions in the company. Swedbank AB boosted its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after buying an additional 1,072,301 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Credo Technology Group by 27.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock worth $54,225,000 after acquiring an additional 362,634 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Credo Technology Group by 62.7% in the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock valued at $20,913,000 after acquiring an additional 252,349 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock. Analyst Upgrades and Downgrades Several equities analysts have issued reports on the company. Barclays raised their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Craig Hallum lifted their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.56. Insider Transactions at Credo Technology Group In other news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This represents a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink . Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here . In the last three months, insiders sold 1,324,817 shares of company stock valued at $43,552,936. Corporate insiders own 16.04% of the company’s stock. Credo Technology Group Price Performance NASDAQ:CRDO opened at $45.84 on Friday. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of -288.63 and a beta of 2.19. The firm’s fifty day moving average price is $37.02 and its 200 day moving average price is $30.75. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $48.94. Credo Technology Group ( NASDAQ:CRDO – Get Free Report ) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year. Credo Technology Group Company Profile ( Free Report ) Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables. Further Reading Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd ( NASDAQ:CRDO – Free Report ). 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