Bank of New York Mellon Corp Cuts Stock Holdings in Box, Inc. (NYSE:BOX)

Bank of New York Mellon Corp trimmed its stake in Box, Inc. (NYSE:BOX) by 2.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,304,049 shares of the software maker’s stock after selling 30,015 shares during the period. Bank of New York Mellon Corp owned approximately 0.91% of BOX worth $41,208,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Itau Unibanco Holding S.A. bought a new position in shares of BOX in the 3rd quarter worth $36,000. Farther Finance Advisors LLC grew 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 worth $71,000 after acquiring an additional 1,536 shares in the last quarter. KBC Group NV increased its stake in BOX by 35.7% in the fourth quarter. KBC Group NV now owns 5,403 shares of the software maker’s stock valued at $171,000 after acquiring an additional 1,420 shares during the last quarter. Central Pacific Bank Trust Division raised its position in BOX by 9.6% during the fourth quarter. Central Pacific Bank Trust Division now owns 6,070 shares of the software maker’s stock valued at $192,000 after purchasing an additional 530 shares in the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in BOX during the fourth quarter worth about $200,000. 86.74% of the stock is owned by hedge funds and other institutional investors.

BOX Stock Down 0.7 %

Shares of BOX stock opened at $32.17 on Friday. The company’s fifty day simple moving average is $32.82 and its two-hundred day simple moving average is $32.62. Box, Inc. has a 12-month low of $24.63 and a 12-month high of $35.74. The firm has a market cap of $4.62 billion, a PE ratio of 40.21, a price-to-earnings-growth ratio of 4.42 and a beta of 0.88.

BOX declared that its Board of Directors has initiated a share buyback plan on Tuesday, March 4th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the software maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at BOX

In other BOX news, CFO Dylan C. Smith sold 13,000 shares of the company’s stock in a transaction that occurred on 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 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 document filed with the SEC, which is available at the SEC website. Also, COO Olivia Nottebohm sold 12,414 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $31.85, for a total value of $395,385.90. Following the completion of the sale, the chief operating officer now owns 453,146 shares of the company’s stock, valued at approximately $14,432,700.10. This trade represents a 2.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,041 shares of company stock worth $2,889,758. Company insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Bank of America initiated coverage on BOX in a research report on Thursday, December 12th. They set a “buy” rating and a $40.00 price objective on the stock. Morgan Stanley increased their price target on shares of BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. UBS Group lifted their price target 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 reaffirmed an “underperform” rating and issued a $21.00 price objective on shares of BOX in a research note on Wednesday, December 4th. Finally, William Blair reiterated an “outperform” rating on shares of BOX in a research report on Thursday, November 14th. One equities 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 stock. According to data from MarketBeat.com, BOX has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

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.