On February 17, 2026, Battery Management Corp. disclosed an increase of 839,864 shares in Braze (BRZE 1.38%), an estimated $24.88 million trade based on quarterly average pricing.
What happened
According to a February 17, 2026, SEC filing, Battery Management Corp. boosted its holding in Braze (BRZE 1.38%) by 839,864 shares during the fourth quarter. The estimated transaction value is $24.88 million, calculated using the period's average share price. The value of the fund's BRZE position at quarter-end climbed by $42.99 million, a figure that reflects both trading activity and changes in the stock price.
What else to know
- The BRZE position is now 17.98% of the fund's 13F AUM.
- Top holdings after the filing:
- NASDAQ:TTAN: $351.44 million (56.4% of AUM)
- NASDAQ:KDK: $124.01 million (19.9% of AUM)
- NASDAQ:BRZE: $111.95 million (18.0% of AUM)
- NYSE:CXM: $18.64 million (3.0% of AUM)
- NASDAQ:CSBR: $16.73 million (2.7% of AUM)
- As of February 17, 2026, BRZE shares were priced at $16.93, down a staggering 60% year over year and significantly underperforming the S&P 500’s roughly 13% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/17/26) | $16.93 |
| Market capitalization | $1.73 billion |
| Revenue (TTM) | $693.41 million |
| Net income (TTM) | ($116.68 million) |
Company snapshot
- Braze provides a customer engagement platform offering data ingestion, messaging, segmentation, personalization, orchestration, and analytics solutions for brands across digital channels.
- The firm serves brands globally, providing a customer engagement platform to enhance digital interactions.
- It’s headquartered in New York City, with a focus on technology and software applications for enterprise clients.
Braze, Inc. is a technology company specializing in customer engagement software, enabling brands to deliver personalized, cross-channel messaging at scale. With a robust SaaS platform and a focus on data-driven insights, Braze supports leading enterprises in optimizing customer journeys and driving retention. The company's integrated approach and advanced orchestration tools provide a competitive advantage in the rapidly evolving digital marketing landscape.
What this transaction means for investors
Concentration tells you more than a headline ever will, and when nearly 18% of a portfolio sits in one mid-cap software name that is down 60% over the past year, that is not a trade. That is a thesis.
Braze recently delivered 25.5% year over year revenue growth to $190.8 million in its fiscal third quarter, with subscription revenue of $181.6 million and free cash flow of $17.8 million. Meanwhile, large customers continue to grow, with 303 accounts generating at least $500,000 in ARR, up from 234 a year ago. Dollar-based net retention stabilized at 108%.
At the same time, GAAP operating losses persist, and stock-based compensation remains material at $37.6 million for the quarter. This is a business still balancing scale with profitability, and shares have taken a hit in recent weeks, roughly halving in value since December.
Within a portfolio already heavily tilted toward high-growth software and AI exposed names, increasing this position reinforces a clear preference for platforms with expanding free cash flow and improving operating leverage. Long-term investors should focus on retention, large customer growth, and sustained cash generation. If those hold, today’s multiple may look very different in five years.
