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

BOX (NYSE:BOX)‘s stock had its “buy” rating restated by DA Davidson in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $45.00 target price on the software maker’s stock. DA Davidson’s price target indicates a potential upside of 48.79% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada restated an “underperform” rating and issued a $21.00 price target on shares of BOX in a research report on Wednesday. Citigroup upped their price objective on BOX from $34.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. decreased their price objective on BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. UBS Group upped their price objective on BOX from $34.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, StockNews.com cut BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. One investment 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.11.

BOX Price Performance

BOX stock opened at $30.24 on Wednesday. The business has a 50 day simple moving average of $32.74 and a 200-day simple moving average of $32.72. The firm has a market capitalization of $4.35 billion, a PE ratio of 37.81, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. 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 repurchase program on Tuesday, March 4th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the software maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at BOX

In other news, CEO Aaron Levie sold 10,000 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $32.08, for a total transaction of $320,800.00. Following the completion of the transaction, the chief executive officer now directly owns 2,979,780 shares in the company, valued at $95,591,342.40. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Olivia Nottebohm sold 12,414 shares of BOX stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $31.85, for a total value of $395,385.90. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,363 shares of company stock worth $2,533,374 over the last ninety days. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in BOX by 10.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,127 shares of the software maker’s stock valued at $225,000 after purchasing an additional 679 shares during the period. Mackenzie Financial Corp boosted its holdings in BOX by 28.2% in the fourth quarter. Mackenzie Financial Corp now owns 341,606 shares of the software maker’s stock valued at $10,795,000 after purchasing an additional 75,041 shares during the period. Vise Technologies Inc. boosted its holdings in BOX by 38.5% in the fourth quarter. Vise Technologies Inc. now owns 8,540 shares of the software maker’s stock valued at $270,000 after purchasing an additional 2,372 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in BOX by 20.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 445,096 shares of the software maker’s stock valued at $14,065,000 after purchasing an additional 75,098 shares during the period. Finally, Woodline Partners LP raised its stake in BOX by 63.3% in the fourth quarter. Woodline Partners LP now owns 15,294 shares of the software maker’s stock valued at $483,000 after buying an additional 5,930 shares in the last quarter. 86.74% of the stock is currently 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.