Isabelle Winkles, Braze, Inc. (NASDAQ: BRZE) Chief Financial Officer, disposed of 12,532 shares of the company's Class A common stock on February 18, 2026. The shares were sold at $16.93 apiece, producing total proceeds of $212,166.
At the time of the filing, Braze shares were trading close to a 52-week low of $16.25 and have declined by nearly 57% over the preceding 12 months. After completing the sale, Winkles retains direct ownership of 251,128 shares, of which 153,604 are represented by restricted stock units.
The transaction was executed under a pre-arranged, non-discretionary sell-to-cover program established to satisfy tax liabilities that arose when restricted stock units vested. According to the disclosure, Braze implemented that program on November 16, 2021, and it was last modified on April 30, 2023.
The sale was documented in a Form 4 filing with the Securities and Exchange Commission. The filing was signed on behalf of Isabelle Winkles by Nathan Jeffries, Attorney-in-Fact, on February 20, 2026.
Separate from the insider sale, third-quarter fiscal 2026 results from Braze have prompted a range of analyst reactions. DA Davidson raised its price target to $42.00, citing strong earnings that included revenue above expectations and improved non-GAAP operating margins. Oppenheimer increased its price target to $40.00, describing the quarter as a "good beat-and-raise" and pointing to durable revenue and margin growth after the integration of OfferFit.
Cantor Fitzgerald left its Overweight rating intact and set a $38.00 price target, highlighting the company's strong core business performance and its leadership in AI functionality. Needham reiterated a Buy rating and a $50.00 price target while naming Braze its top pick for 2026, citing accelerating demand for generative AI-based functionality and adding the company to its Conviction List.
By contrast, Stifel adjusted its price target down to $40.00 from $45.00 but maintained a Buy rating, noting concerns about AI's potential impact on software-as-a-service companies. Collectively, these analyst moves illustrate divergent views about Braze's trajectory in an evolving AI landscape.
In addition to the broker commentary, InvestingPro analysis noted that Braze appears undervalued at current levels based on its Fair Value assessment and that detailed analysis and seven additional ProTips for BRZE are available on the platform.
Context and implications
The transaction by Braze's CFO was carried out under a pre-existing mechanism designed to cover tax obligations tied to vesting equity awards. That structure explains the stated rationale for the sale. The company has recently reported a quarter that prompted both upward and downward adjustments to price targets among sell-side analysts, reflecting differing interpretations of near-term earnings momentum and the long-term role of AI functionality in the business.
Investors tracking insider activity, analyst sentiment, and valuation markers may weigh the sale alongside the mixed analyst commentary and the stock's significant decline year over year.