Maryland State Retirement & Pension System Sells 896 Shares of Box, Inc. (NYSE:BOX)

Maryland State Retirement & Pension System trimmed its holdings in Box, Inc. (NYSE:BOX) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,234 shares of the software maker’s stock after selling 896 shares during the period. Maryland State Retirement & Pension System’s holdings in BOX were worth $1,524,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BOX. Jupiter Asset Management Ltd. acquired a new position in BOX in the fourth quarter valued at about $24,234,000. Fisher Asset Management LLC grew its stake in BOX by 420.6% in 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 period. Raymond James Financial Inc. acquired a new position in BOX in the fourth quarter valued at about $8,405,000. Congress Asset Management Co. grew its stake in BOX by 17.5% in the fourth quarter. Congress Asset Management Co. now owns 1,659,646 shares of the software maker’s stock valued at $52,445,000 after acquiring an additional 246,993 shares during the period. Finally, Madison Investment Advisors LLC acquired a new position in shares of BOX during the fourth quarter worth about $6,283,000. 86.74% of the stock is owned by institutional investors and hedge funds.

BOX Stock Performance

BOX opened at $30.35 on Friday. The business’s 50-day simple moving average is $32.73 and its 200 day simple moving average is $32.70. The firm has a market capitalization of $4.36 billion, a PE ratio of 37.93, a PEG ratio of 4.42 and a beta of 1.00. Box, Inc. has a 52-week low of $24.63 and a 52-week high of $35.74.

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

Analyst Ratings Changes

Several research firms have recently weighed in on BOX. JPMorgan Chase & Co. reduced their price objective on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. UBS Group upped their price objective on BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Bank of America began coverage on BOX in a research report on Thursday, December 12th. They set a “buy” rating and a $40.00 price objective for the company. StockNews.com cut BOX from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. Finally, Citigroup upped their price objective on BOX from $34.00 to $40.00 and gave the stock 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 issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.11.

Insider Buying and Selling at BOX

In other BOX news, COO Olivia Nottebohm sold 12,414 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $31.85, for a total value of $395,385.90. Following the sale, the chief operating officer now owns 453,146 shares in the company, valued at $14,432,700.10. This represents a 2.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Dylan C. Smith sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were 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 owns 1,466,684 shares in the company, valued at $45,540,538.20. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,363 shares of company stock worth $2,533,374 over the last 90 days. Company insiders own 4.10% 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.