JPMorgan Chase & Co. Cuts BOX (NYSE:BOX) Price Target to $37.00

BOX (NYSE:BOX) had its price target trimmed by JPMorgan Chase & Co. from $38.00 to $37.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

A number of other analysts have also issued reports on the stock. Bank of America started coverage on shares of BOX in a research report on Thursday, December 12th. They issued a “buy” rating and a $40.00 price target for the company. UBS Group increased their price objective on BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Morgan Stanley increased their price target on BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. DA Davidson initiated coverage on BOX in a report on Wednesday, December 18th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Citigroup increased their price target on BOX from $34.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.60.

BOX Trading Up 0.4 %

BOX stock opened at $32.28 on Wednesday. The firm has a 50-day moving average of $32.82 and a two-hundred day moving average of $32.62. The firm has a market capitalization of $4.64 billion, a PE ratio of 40.35, a P/E/G ratio of 4.42 and a beta of 1.00. BOX has a one year low of $24.63 and a one year high of $35.74.

BOX declared that its Board of Directors has approved a stock repurchase program on Tuesday, March 4th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the software maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, VP Eli Berkovitch sold 4,791 shares of BOX stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $31.06, for a total value of $148,808.46. Following the completion of the transaction, the vice president now directly owns 132,741 shares of the company’s stock, valued at $4,122,935.46. The trade was a 3.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Dylan C. Smith sold 13,000 shares of BOX stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $31.05, for a total value of $403,650.00. Following the completion of the transaction, the chief financial officer now directly owns 1,466,684 shares of the company’s stock, valued at $45,540,538.20. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,041 shares of company stock valued at $2,889,758 over the last ninety days. 4.10% of the stock is owned by company insiders.

Institutional Trading of BOX

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BOX. Itau Unibanco Holding S.A. acquired a new position in shares of BOX during the 3rd quarter worth about $36,000. Farther Finance Advisors LLC raised its stake in shares of BOX by 245.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,162 shares of the software maker’s stock worth $71,000 after purchasing an additional 1,536 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of BOX by 715.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker’s stock worth $69,000 after purchasing an additional 1,897 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of BOX by 42.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,194 shares of the software maker’s stock worth $69,000 after acquiring an additional 653 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of BOX during the 4th quarter worth approximately $132,000. 86.74% of the stock is currently owned by institutional investors and hedge funds.

BOX Company Profile

Box, Inc engages in the provision of an enterprise content platform that enables organizations to securely manage enterprise content while allowing easy, secure access and sharing of this content from anywhere, on any device. Its products include cloud content management, IT and admin controls, Box Governance, Box Zones, Box Relay, Box Shuttle, and Box KeySafe.