Braze Inc. shareholders approve executive pay, elect directors By Investing.com

NEW YORK – In a recent gathering, shareholders of Braze, Inc., a provider of customer engagement software, cast their votes on several key issues, including the election of directors and executive compensation. The annual meeting, which took place on Thursday, June 27, concluded with the election of three Class III directors and approval of executive pay.

William Magnuson, David Obstler, and Tara Walpert Levy were elected to Braze’s Board of Directors, each set to serve until the 2027 Annual Meeting of Stockholders. The votes were as follows: Magnuson received 243,323,639 votes for and 671,533 withheld; Obstler had 243,399,074 votes for, 596,098 withheld; and Levy garnered 228,204,528 votes for, 15,790,644 withheld. There were 21,607,291 broker non-votes for each candidate.

Additionally, the compensation of the company’s named executive officers received advisory approval from the stockholders. The proposal passed with 241,183,576 votes in favor, 2,762,316 against, and 49,280 abstentions, alongside 21,607,291 broker non-votes.

Furthermore, the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2025, was ratified with an overwhelming majority. The accounting firm received 265,070,054 votes for, 19,755 against, and 512,654 abstentions.

These decisions were made in accordance with the detailed descriptions provided in the company’s Proxy Statement filed with the Securities and Exchange Commission on May 14, 2024. The proxy statement had outlined the agenda and provided background information on the proposals which were subsequently voted upon at the Annual Meeting.

In other recent news, Braze Inc. has been making significant strides with innovations and financial growth. Needham maintained its Buy rating on Braze, following discussions with a significant customer in the food and beverage industry who emphasized the impact of recent innovations by the company. These innovations, including the new Braze-Snowflake Query Builder and native integrations with several data platforms, have contributed to increased spending on Braze’s services.

Braze also delivered robust first-quarter results, showcasing a 33% revenue growth to $135.5 million, outpacing the anticipated 29%. This performance was accompanied by significant non-GAAP operating margin improvements and strong cash flow from operations. The company added 58 new customers, bringing the total to 2,102.

TD Cowen, Canaccord Genuity, and Needham have maintained a positive stance on Braze. TD Cowen and Needham held their price targets at $52 and $70 respectively, while Canaccord Genuity raised its price target to $53. The company’s guidance for the second quarter was slightly above expectations, with full-year revenue expected to fall between $577 million and $581 million.

Moreover, Braze continues to make strategic investments in research and development, global expansion, and customer engagement innovation. These recent developments underscore Braze’s commitment to long-term growth and efficiency.

InvestingPro Insights

As Braze, Inc. (NASDAQ:BRZE) continues to navigate the competitive landscape of customer engagement software, the latest data from InvestingPro provides a comprehensive snapshot of the company’s financial health and market performance. With a substantial Market Cap of approximately $4.01 billion, Braze holds a significant position in the industry. Despite a challenging Price to Earnings (P/E) Ratio of -28.78, indicating that investors are expecting future growth to justify the current valuation, the company’s balance sheet strength is notable, with more cash than debt.

One of the key InvestingPro Tips highlights that 8 analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the company’s performance. Additionally, Braze’s recent return over the last week has been significant, with an 11.93% increase, which may reflect growing investor confidence following the decisions made at the recent shareholders’ meeting.

Investors should note that while analysts do not anticipate the company will be profitable this year, and it has not been profitable over the last twelve months, Braze’s liquid assets do exceed short term obligations, which may provide some stability in the near term. The company’s revenue growth remains robust at 33.12% for the last twelve months as of Q1 2025, signaling strong demand for its customer engagement solutions.

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