BOX (NYSE:BOX) to Repurchase $150.00 million in Shares

BOX (NYSE:BOX - Get Free Report) announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 4th, RTT News reports. The company plans to buyback $150.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

BOX Price Performance

Shares of NYSE BOX traded up $0.12 during trading hours on Friday, reaching $32.28. The stock had a trading volume of 2,116,996 shares, compared to its average volume of 1,894,342. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 40.35, a PEG ratio of 4.42 and a beta of 1.00. BOX has a twelve month low of $24.63 and a twelve month high of $35.74. The business's fifty day moving average is $32.82 and its two-hundred day moving average is $32.62.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of BOX from $33.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Wednesday, December 4th. William Blair reissued an "outperform" rating on shares of BOX in a research report on Thursday, November 14th. DA Davidson started coverage on shares of BOX in a report on Wednesday, December 18th. They set a "buy" rating and a $45.00 price target for the company. Citigroup lifted their price objective on BOX from $34.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Finally, Bank of America began coverage on BOX in a research report on Thursday, December 12th. They set a "buy" rating and a $40.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $36.60.

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Insider Activity

In related news, CEO Aaron Levie sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $32.54, for a total transaction of $325,400.00. Following the completion of the transaction, the chief executive officer now owns 2,999,155 shares in the company, valued at $97,592,503.70. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Olivia Nottebohm sold 12,414 shares of the business's 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 sale, the chief operating officer now directly owns 453,146 shares in the company, valued at approximately $14,432,700.10. This represents a 2.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,041 shares of company stock worth $2,889,758. 4.10% of the stock is currently owned by corporate insiders.

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.