BOX (NYSE:BOX) Given New $40.00 Price Target at DA Davidson

BOX (NYSE:BOX) had its price objective lowered by equities research analysts at DA Davidson from $45.00 to $40.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. DA Davidson’s price objective indicates a potential upside of 33.47% from the company’s previous close.

Several other analysts also recently weighed in on the stock. StockNews.com downgraded shares of BOX from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $21.00 target price on shares of BOX in a report on Wednesday, March 19th. Raymond James reiterated an “outperform” rating and set a $38.00 price objective (down previously from $40.00) on shares of BOX in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their price target on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.56.

BOX Trading Down 0.8 %

Shares of BOX traded down $0.24 during midday trading on Monday, hitting $29.97. 977,032 shares of the company’s stock traded hands, compared to its average volume of 1,711,919. BOX has a 1 year low of $24.63 and a 1 year high of $35.74. The firm’s fifty day moving average is $32.10 and its 200-day moving average is $32.41. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 37.46, a price-to-earnings-growth ratio of 4.42 and a beta of 0.96.

BOX declared that its board has authorized a stock repurchase plan on Tuesday, March 4th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the software maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Dylan C. Smith sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $34.32, for a total value of $446,160.00. Following the sale, the chief financial officer now directly owns 1,453,684 shares of the company’s stock, valued at approximately $49,890,434.88. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Olivia Nottebohm sold 6,079 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $31.91, for a total value of $193,980.89. Following the completion of the transaction, the chief operating officer now owns 447,067 shares in the company, valued at approximately $14,265,907.97. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,246 shares of company stock worth $1,862,181 in the last three months. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BOX. Arrowstreet Capital Limited Partnership lifted its position in BOX by 103.9% in the 4th 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 during the last quarter. Norges Bank purchased a new stake in BOX during the fourth quarter valued at about $29,973,000. Jupiter Asset Management Ltd. acquired a new stake in BOX during the 4th quarter valued at $24,234,000. Fisher Asset Management LLC lifted its position in shares of BOX by 420.6% in the fourth quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker’s stock worth $27,097,000 after purchasing an additional 692,784 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of BOX by 22.9% during the 4th quarter. Wells Fargo & Company MN now owns 1,633,647 shares of the software maker’s stock valued at $51,623,000 after acquiring an additional 304,755 shares in the last quarter. Institutional investors and hedge funds own 86.74% of the company’s stock.

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.