BOX (NYSE:BOX) Shares Gap Down on Analyst Downgrade

Box, Inc. (NYSE:BOX - Get Free Report) gapped down before the market opened on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $37.00. The stock had previously closed at $33.47, but opened at $31.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. BOX shares last traded at $31.92, with a volume of 1,035,617 shares trading hands.

BOX has been the subject of a number of other research reports. Bank of America began coverage on BOX in a report on Thursday, December 12th. They issued a "buy" rating and a $40.00 target price for the company. Morgan Stanley lifted their target price on BOX from $33.00 to $36.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 4th. DA Davidson began coverage on BOX in a report on Wednesday, December 18th. They issued a "buy" rating and a $45.00 target price for the company. William Blair reiterated an "outperform" rating on shares of BOX in a report on Thursday, November 14th. Finally, StockNews.com cut BOX from a "strong-buy" rating to a "buy" rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.60.

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Insider Buying and Selling

In other BOX news, COO Olivia Nottebohm sold 12,414 shares of BOX 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 completion of the sale, the chief operating officer now directly owns 453,146 shares of the company's stock, valued at $14,432,700.10. The trade was a 2.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Aaron Levie sold 10,000 shares of BOX stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $32.54, for a total value of $325,400.00. Following the sale, the chief executive officer now directly owns 2,999,155 shares of the company's stock, valued at approximately $97,592,503.70. This trade represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 89,041 shares of company stock valued at $2,889,758. Insiders own 4.10% of the company's stock.

Institutional Investors Weigh In On BOX

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Itau Unibanco Holding S.A. bought a new position in shares of BOX in the 3rd quarter worth $36,000. Smartleaf Asset Management LLC raised its position in shares of BOX by 715.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker's stock worth $69,000 after acquiring an additional 1,897 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of BOX by 42.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,194 shares of the software maker's stock worth $69,000 after acquiring an additional 653 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of BOX by 245.4% in the 3rd 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. Finally, SBI Securities Co. Ltd. bought a new position in shares of BOX in the 4th quarter worth $132,000. 86.74% of the stock is owned by institutional investors.

BOX Trading Up 0.4 %

The stock has a market capitalization of $4.64 billion, a P/E ratio of 40.35, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. The company has a 50-day moving average price of $32.82 and a 200 day moving average price of $32.70.

BOX declared that its board has approved a stock buyback program on Tuesday, March 4th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

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.