Raymond James Reiterates “Outperform” Rating for BOX (NYSE:BOX)

BOX (NYSE:BOX)‘s stock had its “outperform” rating reiterated by investment analysts at Raymond James in a note issued to investors on Wednesday,Benzinga reports. They presently have a $38.00 price target on the software maker’s stock, down from their prior price target of $40.00. Raymond James’ target price would indicate a potential upside of 18.14% from the company’s current price.

Several other research analysts have also recently commented on the stock. StockNews.com cut shares of BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. Citigroup raised their target price on shares of BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. UBS Group raised their price target on shares of BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. decreased 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. Finally, Bank of America began coverage on shares of BOX in a report on Thursday, December 12th. They set a “buy” rating and a $40.00 price target for the company. One investment 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 presently has an average rating of “Moderate Buy” and a consensus target price of $36.60.

BOX Trading Down 0.7 %

BOX stock opened at $32.17 on Wednesday. BOX has a 52 week low of $24.63 and a 52 week high of $35.74. The company’s 50-day moving average price is $32.82 and its two-hundred day moving average price is $32.62. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 40.21, a PEG ratio of 4.42 and a beta of 0.88.

BOX declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 4th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at BOX

In other news, CFO Dylan C. Smith sold 13,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $34.32, for a total transaction of $446,160.00. Following the completion of the transaction, the chief financial officer now directly owns 1,453,684 shares in the company, valued at $49,890,434.88. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Aaron Levie sold 10,000 shares of BOX stock in a transaction that occurred on Tuesday, December 10th. The stock was 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 of the company’s stock, valued at approximately $97,592,503.70. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,041 shares of company stock valued at $2,889,758. 4.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BOX

Several hedge funds and other institutional investors have recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new stake in BOX during the third quarter worth $36,000. Smartleaf Asset Management LLC grew its stake in BOX by 715.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker’s stock valued at $69,000 after purchasing an additional 1,897 shares during the period. TD Waterhouse Canada Inc. grew its stake in BOX by 42.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,194 shares of the software maker’s stock valued at $69,000 after purchasing an additional 653 shares during the period. Farther Finance Advisors LLC grew its stake in BOX by 245.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,162 shares of the software maker’s stock valued at $71,000 after purchasing an additional 1,536 shares during the period. Finally, SBI Securities Co. Ltd. bought a new position in shares of BOX during the 4th quarter worth $132,000. Institutional investors 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.