Harvest Fund Management Co. Ltd Buys 7,556 Shares of Box, Inc. (NYSE:BOX)

Harvest Fund Management Co. Ltd lifted its stake in shares of Box, Inc. (NYSE:BOX) by 11,111.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,624 shares of the software maker’s stock after purchasing an additional 7,556 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in BOX were worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp grew its holdings in shares of BOX by 1.2% during the 3rd quarter. State Street Corp now owns 5,623,032 shares of the software maker’s stock valued at $184,042,000 after purchasing an additional 69,107 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of BOX by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,249,823 shares of the software maker’s stock valued at $106,387,000 after purchasing an additional 13,028 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of BOX by 1.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,425,176 shares of the software maker’s stock valued at $79,376,000 after purchasing an additional 44,190 shares during the last quarter. Congress Asset Management Co. grew its holdings in shares of BOX by 17.5% during the 4th quarter. Congress Asset Management Co. now owns 1,659,646 shares of the software maker’s stock valued at $52,445,000 after purchasing an additional 246,993 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in BOX by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,399,629 shares of the software maker’s stock worth $44,228,000 after buying an additional 27,814 shares during the period. 86.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BOX has been the topic of several recent research reports. Raymond James reiterated an “outperform” rating and set a $38.00 target price (down from $40.00) on shares of BOX in a research report on Wednesday, March 5th. Morgan Stanley lifted their target price on shares of BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. Bank of America initiated coverage on shares of BOX in a research report on Thursday, December 12th. They set a “buy” rating and a $40.00 target price on the stock. Royal Bank of Canada reiterated an “underperform” rating and set a $21.00 target price on shares of BOX in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their target price on shares of BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, BOX has an average rating of “Moderate Buy” and an average target price of $37.11.

BOX Stock Performance

Shares of NYSE BOX opened at $30.35 on Friday. The company’s 50 day moving average price is $32.73 and its 200-day moving average price is $32.71. The company has a market capitalization of $4.36 billion, a P/E ratio of 37.93, a price-to-earnings-growth 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 of Directors has approved a share buyback plan on Tuesday, March 4th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the software maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CFO Dylan C. Smith sold 13,000 shares of BOX stock in a transaction 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. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Eli Berkovitch sold 4,791 shares of BOX stock in a transaction on Friday, January 10th. The shares were sold at an average price of $31.06, for a total transaction of $148,808.46. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold 78,363 shares of company stock worth $2,533,374 in the last quarter. 4.10% of the stock is 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.