DA Davidson Reaffirms “Buy” Rating for BOX (NYSE:BOX)

DA Davidson reissued their buy rating on shares of BOX (NYSE:BOX) in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a $45.00 price objective on the software maker’s stock.

A number of other research firms also recently commented on BOX. UBS Group increased their target price on BOX from $34.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Raymond James reissued an “outperform” rating and issued a $38.00 price objective (down from $40.00) on shares of BOX in a research note on Wednesday, March 5th. Royal Bank of Canada restated an “underperform” rating and set a $21.00 target price on shares of BOX in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Finally, StockNews.com cut BOX from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, BOX currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

BOX Trading Down 0.1 %

NYSE:BOX opened at $30.83 on Wednesday. The business’s 50-day moving average is $32.76 and its 200 day moving average is $32.74. BOX has a 12 month low of $24.63 and a 12 month high of $35.74. The company has a market capitalization of $4.43 billion, a P/E ratio of 38.53, a P/E/G ratio of 4.42 and a beta of 1.00.

BOX declared that its Board of Directors has approved a stock buyback 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 buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Dylan C. Smith sold 13,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $31.95, for a total value of $415,350.00. Following the transaction, the chief financial officer now directly owns 1,440,684 shares in the company, valued at approximately $46,029,853.80. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Eli Berkovitch sold 4,791 shares of BOX stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $31.06, for a total transaction of $148,808.46. Following the sale, the vice president now owns 132,741 shares of the company’s stock, valued at $4,122,935.46. The trade was a 3.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,363 shares of company stock worth $2,533,374 over the last quarter. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its position in BOX by 103.9% during 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 in the last quarter. Norges Bank bought a new stake in shares of BOX in the fourth quarter valued at about $29,973,000. Jupiter Asset Management Ltd. purchased a new stake in BOX in the fourth quarter worth about $24,234,000. Fisher Asset Management LLC grew its holdings in BOX by 420.6% during the 4th quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker’s stock worth $27,097,000 after acquiring an additional 692,784 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in 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 purchasing an additional 304,755 shares during the period. 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.