BOX’s (BOX) “Underperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their underperform rating on shares of BOX (NYSE:BOX) in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a $21.00 price target on the software maker’s stock.

BOX has been the subject of several other reports. Morgan Stanley increased their target price on shares of BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Raymond James reissued an “outperform” rating and issued a $38.00 target price (down from $40.00) on shares of BOX in a report on Wednesday, March 5th. StockNews.com lowered shares of BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. Bank of America started 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. Finally, JPMorgan Chase & Co. dropped their price target on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. 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’s stock. Based on data from MarketBeat, BOX presently has a consensus rating of “Moderate Buy” and an average target price of $37.11.

BOX Trading Up 0.4 %

BOX stock opened at $30.35 on Wednesday. The firm has a 50 day moving average of $32.73 and a 200 day moving average of $32.70. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 37.93, a P/E/G ratio of 4.42 and a beta of 1.00. BOX has a 12-month low of $24.63 and a 12-month high of $35.74.

BOX declared that its Board of Directors has approved a stock repurchase plan on Tuesday, March 4th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, COO Olivia Nottebohm sold 12,414 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $31.85, for a total transaction of $395,385.90. Following the transaction, the chief operating officer now owns 453,146 shares in the company, valued at approximately $14,432,700.10. This trade represents a 2.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Dylan C. Smith sold 13,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $31.05, for a total value of $403,650.00. Following the sale, the chief financial officer now directly owns 1,466,684 shares in the company, valued at approximately $45,540,538.20. The trade was a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,363 shares of company stock worth $2,533,374. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On BOX

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in BOX by 10.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,371,815 shares of the software maker’s stock valued at $44,900,000 after purchasing an additional 134,175 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. bought a new stake in BOX during the fourth quarter valued at about $5,997,000. Townsquare Capital LLC acquired a new stake in BOX in the third quarter worth about $2,021,000. Robeco Institutional Asset Management B.V. acquired a new stake in BOX in the fourth quarter worth about $981,000. Finally, Petrus Trust Company LTA acquired a new stake in BOX in the third quarter worth about $615,000. 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.