Congress Wealth Management LLC DE Buys 33,395 Shares of Box, Inc. (NYSE:BOX)

Congress Wealth Management LLC DE lifted its position in Box, Inc. (NYSE:BOX) by 17.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 227,567 shares of the software maker’s stock after purchasing an additional 33,395 shares during the period. Congress Wealth Management LLC DE’s holdings in BOX were worth $7,191,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in BOX by 10.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,371,815 shares of the software maker’s stock valued at $44,900,000 after purchasing an additional 134,175 shares during the period. Beacon Harbor Wealth Advisors Inc. bought a new position in BOX during the fourth quarter worth $5,997,000. Townsquare Capital LLC bought a new stake in BOX in the 3rd quarter valued at $2,021,000. Robeco Institutional Asset Management B.V. acquired a new stake in BOX in the 4th quarter worth $981,000. Finally, Petrus Trust Company LTA acquired a new position in shares of BOX during the third quarter valued at about $615,000. Institutional investors and hedge funds own 86.74% of the company’s stock.

BOX Stock Performance

Shares of NYSE:BOX opened at $30.77 on Wednesday. The business has a fifty day moving average of $32.71 and a 200-day moving average of $32.68. Box, Inc. has a twelve month low of $24.63 and a twelve month high of $35.74. The firm has a market cap of $4.42 billion, a PE ratio of 38.46, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00.

BOX announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 4th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the software maker to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BOX shares. Royal Bank of Canada restated an “underperform” rating and set a $21.00 price target on shares of BOX in a research note on Wednesday, March 19th. Raymond James reaffirmed an “outperform” rating and issued a $38.00 target price (down from $40.00) on shares of BOX in a research report on Wednesday, March 5th. Bank of America assumed coverage on shares of BOX in a report on Thursday, December 12th. They set a “buy” rating and a $40.00 price objective for the company. DA Davidson reissued a “buy” rating and issued a $45.00 target price on shares of BOX in a research note on Wednesday, March 19th. Finally, UBS Group lifted their price objective on BOX from $34.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, BOX currently has an average rating of “Moderate Buy” and an average price target of $37.11.

Insiders Place Their Bets

In other news, VP Eli Berkovitch sold 4,791 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $31.06, for a total value of $148,808.46. Following the transaction, the vice president now owns 132,741 shares of the company’s stock, valued at $4,122,935.46. This represents a 3.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Olivia Nottebohm sold 12,414 shares of BOX stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $31.85, for a total transaction of $395,385.90. Following the transaction, the chief operating officer now directly owns 453,146 shares in the company, valued at $14,432,700.10. The trade was a 2.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,363 shares of company stock valued at $2,533,374. 4.10% of the stock is currently owned by corporate insiders.

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.