BOX’s (BOX) Outperform Rating Reiterated at Raymond James

Raymond James restated their outperform rating on shares of BOX (NYSE:BOX) in a report released on Wednesday,Benzinga reports. They currently have a $38.00 target price on the software maker’s stock, down from their prior target price of $40.00.

Several other equities analysts have also recently issued reports on BOX. StockNews.com cut BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. UBS Group lifted 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. Bank of America initiated coverage on BOX in a report on Thursday, December 12th. They set a “buy” rating and a $40.00 price objective for the company. DA Davidson initiated coverage on BOX in a research report on Wednesday, December 18th. They set a “buy” rating and a $45.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price target on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.60.

BOX Stock Performance

Shares of BOX stock opened at $32.28 on Wednesday. The stock has a fifty day moving average price of $32.82 and a 200 day moving average price of $32.62. The stock has a market cap 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 1 year low of $24.63 and a 1 year high of $35.74.

BOX announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 4th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Dylan C. Smith sold 13,000 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $34.32, for a total value of $446,160.00. Following the sale, the chief financial officer now directly owns 1,453,684 shares of the company’s stock, valued at approximately $49,890,434.88. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Olivia Nottebohm sold 6,079 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $34.42, for a total transaction of $209,239.18. Following the completion of the sale, the chief operating officer now directly owns 440,988 shares in the company, valued at $15,178,806.96. This represents a 1.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,041 shares of company stock valued at $2,889,758. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BOX. Arrowstreet Capital Limited Partnership grew its stake in BOX by 103.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker’s stock valued at $107,009,000 after buying an additional 1,725,197 shares during the last quarter. Norges Bank acquired a new stake in BOX in the fourth quarter valued at approximately $29,973,000. Jupiter Asset Management Ltd. bought a new position in shares of BOX during the fourth quarter valued at $24,234,000. Fisher Asset Management LLC raised its stake in shares of BOX by 420.6% during the fourth quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker’s stock valued at $27,097,000 after acquiring an additional 692,784 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in BOX by 22.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,633,647 shares of the software maker’s stock worth $51,623,000 after buying an additional 304,755 shares during the last quarter. 86.74% of the stock is currently owned by institutional investors and hedge funds.

About BOX

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.