Stock Repurchase Plan Declared by BOX (NYSE:BOX)

BOX (NYSE:BOX) declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 4th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization allows the software maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

BOX Trading Up 2.6 %

Shares of BOX stock opened at $33.63 on Wednesday. BOX has a twelve month low of $24.63 and a twelve month high of $35.74. The stock has a market cap of $4.83 billion, a P/E ratio of 42.03, a P/E/G ratio of 4.42 and a beta of 0.88. The stock has a 50 day moving average of $32.81 and a 200 day moving average of $32.62.

Analyst Ratings Changes

BOX has been the subject of several recent analyst reports. Bank of America initiated coverage on BOX in a report on Thursday, December 12th. They issued a “buy” rating and a $40.00 price target for the company. UBS Group lifted their target price on shares of BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Royal Bank of Canada restated an “underperform” rating and set a $21.00 price target on shares of BOX in a research note on Wednesday, December 4th. StockNews.com downgraded shares of BOX from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. Finally, Morgan Stanley upped their target price on BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, BOX currently has an average rating of “Moderate Buy” and a consensus price target of $35.89.

Insider Transactions at BOX

In other news, CFO Dylan C. Smith sold 13,000 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $34.32, for a total transaction 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 $49,890,434.88. This represents a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Eli Berkovitch sold 4,791 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $31.06, for a total value of $148,808.46. Following the sale, the vice president now owns 132,741 shares in the company, valued at $4,122,935.46. This trade represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 89,041 shares of company stock valued at $2,889,758 in the last 90 days. 4.10% of the stock is currently owned by company insiders.

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.