Stock Buyback Plan Authorized by BOX (NYSE:BOX)

BOX (NYSE:BOX) announced that its board has initiated a share repurchase program on Tuesday, March 4th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BOX. Morgan Stanley raised their price target on shares of BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Raymond James restated an “outperform” rating and issued a $38.00 price target (down from $40.00) on shares of BOX in a research report on Wednesday. StockNews.com lowered shares of BOX from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. DA Davidson initiated coverage on shares of BOX in a report on Wednesday, December 18th. They set a “buy” rating and a $45.00 price objective for the company. Finally, William Blair reissued an “outperform” rating on shares of BOX in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.60.

BOX Trading Down 0.7 %

BOX stock opened at $32.17 on Friday. The firm has a 50-day moving average price of $32.82 and a 200-day moving average price of $32.62. The stock has a market capitalization of $4.62 billion, a P/E ratio of 40.21, a price-to-earnings-growth ratio of 4.42 and a beta of 0.88. BOX has a 12 month low of $24.63 and a 12 month high of $35.74.

Insiders Place Their Bets

In other news, CEO Aaron Levie sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $32.54, for a total value of $325,400.00. Following the completion of the sale, the chief executive officer now owns 2,999,155 shares in the company, valued at $97,592,503.70. This represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Olivia Nottebohm sold 6,079 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $34.42, for a total transaction of $209,239.18. Following the completion of the sale, the chief operating officer now owns 440,988 shares of the company’s stock, valued at approximately $15,178,806.96. The trade was a 1.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,041 shares of company stock worth $2,889,758. 4.10% of the stock is currently owned by 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.