JPMorgan Chase & Co. Lowers BOX (NYSE:BOX) Price Target to $37.00

BOX (NYSE:BOX) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $38.00 to $37.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 15.03% from the company’s current price.

Several other analysts also recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of BOX in a report on Thursday, November 14th. Bank of America assumed coverage on shares of BOX in a report on Thursday, December 12th. They issued a “buy” rating and a $40.00 target price for the company. DA Davidson assumed coverage on shares of BOX in a report on Wednesday, December 18th. They issued a “buy” rating and a $45.00 target price for the company. StockNews.com downgraded shares of BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. Finally, Citigroup lifted their target price on shares of BOX from $34.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One equities 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. Based on data from MarketBeat.com, BOX presently has an average rating of “Moderate Buy” and a consensus target price of $36.60.

BOX Price Performance

Shares of NYSE BOX opened at $32.17 on Wednesday. The company has a 50 day simple moving average of $32.82 and a 200-day simple moving average of $32.62. The company has a market capitalization of $4.62 billion, a P/E ratio of 40.21, a P/E/G ratio of 4.42 and a beta of 0.88. BOX has a 1 year low of $24.63 and a 1 year high of $35.74.

BOX declared that its board has approved a stock buyback program on Tuesday, March 4th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the software maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, COO Olivia Nottebohm sold 6,079 shares of BOX stock in a transaction on Monday, February 10th. The shares were 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel J. Levin sold 5,886 shares of BOX stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $32.50, for a total transaction of $191,295.00. Following the sale, the director now directly owns 51,530 shares of the company’s stock, valued at approximately $1,674,725. This trade represents a 10.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,041 shares of company stock worth $2,889,758 over the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On BOX

Institutional investors have recently modified their holdings of the company. Creative Planning lifted its position in BOX by 4.2% in the third quarter. Creative Planning now owns 15,743 shares of the software maker’s stock valued at $515,000 after acquiring an additional 631 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in BOX in the third quarter valued at $211,000. Farther Finance Advisors LLC lifted its position in BOX by 245.4% in the third quarter. Farther Finance Advisors LLC now owns 2,162 shares of the software maker’s stock valued at $71,000 after acquiring an additional 1,536 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in BOX in the third quarter valued at $486,000. Finally, Atria Investments Inc lifted its position in BOX by 37.0% in the third quarter. Atria Investments Inc now owns 24,969 shares of the software maker’s stock valued at $817,000 after acquiring an additional 6,738 shares during the last quarter. 86.74% of the stock is owned by hedge funds and other institutional investors.

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.