BOX’s (BOX) “Underperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their underperform rating on shares of BOX (NYSE:BOX) in a report published on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $21.00 price objective on the software maker’s stock.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. decreased their target price on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Morgan Stanley lifted their target price on BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. StockNews.com downgraded BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. Citigroup lifted their target price on BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Bank of America initiated coverage on BOX in a report on Thursday, December 12th. They set a “buy” rating and a $40.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.11.

BOX Stock Performance

Shares of NYSE BOX opened at $30.35 on Wednesday. The company has a market cap of $4.36 billion, a PE ratio of 37.93, a P/E/G ratio of 4.42 and a beta of 1.00. The business has a 50-day simple moving average of $32.73 and a two-hundred day simple moving average of $32.70. BOX has a fifty-two week low of $24.63 and a fifty-two week high of $35.74.

BOX announced that its board has approved a share buyback plan on Tuesday, March 4th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, CFO Dylan C. Smith sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $31.05, for a total value of $403,650.00. Following the completion of the sale, the chief financial officer now directly owns 1,466,684 shares in the company, valued at $45,540,538.20. The trade was a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Aaron Levie sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $32.08, for a total value of $320,800.00. Following the completion of the sale, the chief executive officer now 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 disclosure for this sale can be found here. Insiders sold 78,363 shares of company stock worth $2,533,374 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

Institutional Trading of BOX

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Earnest Partners LLC increased its position in shares of BOX by 2.1% during the fourth quarter. Earnest Partners LLC now owns 7,896,931 shares of the software maker’s stock worth $249,543,000 after purchasing an additional 162,437 shares in the last quarter. State Street Corp increased its position in shares of BOX by 1.2% during the third quarter. State Street Corp now owns 5,623,032 shares of the software maker’s stock worth $184,042,000 after purchasing an additional 69,107 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of BOX by 103.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker’s stock worth $107,009,000 after purchasing an additional 1,725,197 shares in the last quarter. Sei Investments Co. increased its position in shares of BOX by 8.4% during the fourth quarter. Sei Investments Co. now owns 3,286,619 shares of the software maker’s stock worth $103,857,000 after purchasing an additional 255,623 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of BOX by 0.4% during the third quarter. Geode Capital Management LLC now owns 3,249,823 shares of the software maker’s stock worth $106,387,000 after purchasing an additional 13,028 shares in the last quarter. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

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.