Raymond James Reiterates “Outperform” Rating for BOX (NYSE:BOX)

BOX (NYSE:BOX)‘s stock had its “outperform” rating restated by analysts at Raymond James in a note issued to investors on Wednesday,Benzinga reports. They presently have a $38.00 target price on the software maker’s stock, down from their previous target price of $40.00. Raymond James’ price objective points to a potential upside of 18.55% from the company’s previous close.

BOX has been the subject of several other research reports. Morgan Stanley increased their target price 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 report on Wednesday, December 4th. DA Davidson started coverage on shares of BOX in a research report on Wednesday, December 18th. They issued a “buy” rating and a $45.00 target price for the company. UBS Group raised their price objective on BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of BOX in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, BOX has an average rating of “Moderate Buy” and an average price target of $36.60.

BOX Stock Down 4.2 %

NYSE BOX traded down $1.42 during trading on Wednesday, reaching $32.06. 2,192,507 shares of the stock traded hands, compared to its average volume of 1,936,143. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 40.03, a price-to-earnings-growth ratio of 4.42 and a beta of 0.88. BOX has a fifty-two week low of $24.63 and a fifty-two week high of $35.74. The stock’s 50-day moving average price is $32.81 and its 200 day moving average price is $32.62.

BOX announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 4th that authorizes the company to buyback $150.00 million in outstanding 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 often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other BOX news, VP Eli Berkovitch sold 4,791 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $31.06, for a total value of $148,808.46. Following the sale, the vice president now directly owns 132,741 shares in the company, 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, CFO Dylan C. Smith sold 13,000 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $31.05, for a total transaction 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 approximately $45,540,538.20. The trade was 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 worth $2,889,758 in the last quarter. 4.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On BOX

Institutional investors and hedge funds have recently made changes to their positions in the business. Earnest Partners LLC increased its holdings in shares of BOX by 2.1% in the 4th quarter. Earnest Partners LLC now owns 7,896,931 shares of the software maker’s stock worth $249,543,000 after buying an additional 162,437 shares during the last quarter. State Street Corp increased its stake in BOX by 1.2% in the third quarter. State Street Corp now owns 5,623,032 shares of the software maker’s stock valued at $184,042,000 after acquiring an additional 69,107 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in BOX by 103.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker’s stock valued at $107,009,000 after purchasing an additional 1,725,197 shares in the last quarter. Sei Investments Co. lifted its stake in 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 during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of BOX by 0.4% in the 3rd 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. Hedge funds and other institutional investors own 86.74% of the company’s stock.

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.