Corebridge Financial Inc. Cuts Holdings in Box, Inc. (NYSE:BOX)

Corebridge Financial Inc. lessened its stake in shares of Box, Inc. (NYSE:BOX) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,068 shares of the software maker’s stock after selling 5,953 shares during the quarter. Corebridge Financial Inc. owned approximately 0.05% of BOX worth $2,372,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC boosted its position in BOX by 5.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 7,807 shares of the software maker’s stock valued at $247,000 after purchasing an additional 391 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of BOX by 19.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,579 shares of the software maker’s stock valued at $81,000 after buying an additional 417 shares in the last quarter. Sanctuary Advisors LLC grew its position in shares of BOX by 1.2% in the 4th quarter. Sanctuary Advisors LLC now owns 35,775 shares of the software maker’s stock worth $1,189,000 after buying an additional 423 shares during the last quarter. Aspiriant LLC raised its stake in shares of BOX by 5.0% during the 4th quarter. Aspiriant LLC now owns 9,048 shares of the software maker’s stock worth $286,000 after acquiring an additional 427 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in BOX by 2.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,340 shares of the software maker’s stock valued at $548,000 after acquiring an additional 442 shares during the last quarter. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Aaron Levie sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $32.08, for a total transaction of $320,800.00. Following the sale, the chief executive officer now directly owns 2,979,780 shares of the company’s stock, valued at $95,591,342.40. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Eli Berkovitch sold 5,651 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $30.66, for a total value of $173,259.66. Following the completion of the transaction, the vice president now directly owns 124,672 shares of the company’s stock, valued at $3,822,443.52. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,705 shares of company stock valued at $2,375,998 over the last 90 days. Insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BOX. Morgan Stanley lifted their price target on shares of BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $21.00 target price on shares of BOX in a research report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price target on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Bank of America assumed coverage on BOX in a research note on Thursday, December 12th. They set a “buy” rating and a $40.00 price target on the stock. Finally, Citigroup increased their price objective on shares of BOX from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.11.

BOX Trading Up 1.5 %

BOX opened at $31.32 on Wednesday. The firm has a 50 day moving average of $32.67 and a two-hundred day moving average of $32.62. The firm has a market capitalization of $4.50 billion, a PE ratio of 39.15, a P/E/G ratio of 4.42 and a beta of 1.00. Box, Inc. has a 12-month low of $24.63 and a 12-month high of $35.74.

BOX declared that its board has initiated a stock repurchase plan on Tuesday, March 4th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the software maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

BOX 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.