Canada Pension Plan Investment Board Raises Stake in Box, Inc. (NYSE:BOX)

Canada Pension Plan Investment Board boosted its holdings in Box, Inc. (NYSE:BOX - Free Report) by 67.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,800 shares of the software maker's stock after buying an additional 127,800 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.22% of BOX worth $10,042,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Integrated Quantitative Investments LLC acquired a new stake in BOX during the fourth quarter worth approximately $1,418,000. Bryce Point Capital LLC acquired a new stake in shares of BOX during the 4th quarter worth approximately $1,620,000. Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of BOX in the 4th quarter valued at $5,997,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of BOX in the 4th quarter valued at $981,000. Finally, Sei Investments Co. lifted its position in shares of BOX by 8.4% during the 4th quarter. Sei Investments Co. now owns 3,286,619 shares of the software maker's stock valued at $103,857,000 after acquiring an additional 255,623 shares during the period. 86.74% of the stock is currently owned by institutional investors and hedge funds.

BOX Stock Up 0.6 %

Shares of NYSE:BOX traded up $0.18 during midday trading on Friday, reaching $30.96. 789,046 shares of the company traded hands, compared to its average volume of 1,815,241. Box, Inc. has a 12 month low of $24.63 and a 12 month high of $35.74. The firm's fifty day moving average price is $31.23 and its two-hundred day moving average price is $32.28. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 38.70, a price-to-earnings-growth ratio of 4.42 and a beta of 0.96.

BOX announced that its board has authorized a share buyback 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 a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at BOX

In other news, CFO Dylan C. Smith sold 13,000 shares of the business's stock in a transaction dated 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 approximately $49,890,434.88. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Olivia Nottebohm sold 1,332 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $29.01, for a total transaction of $38,641.32. Following the completion of the sale, the chief operating officer now directly owns 492,545 shares in the company, valued at $14,288,730.45. This represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,022 shares of company stock valued at $2,198,045 in the last three months. Company insiders own 4.10% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada reaffirmed an "underperform" rating and set a $21.00 target price on shares of BOX in a research report on Wednesday, March 19th. Raymond James restated an "outperform" rating and set a $38.00 price objective (down from $40.00) on shares of BOX in a research note on Wednesday, March 5th. StockNews.com cut BOX from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, January 8th. DA Davidson reduced their price target on shares of BOX from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley lowered their price objective on shares of BOX from $36.00 to $35.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, BOX has a consensus rating of "Moderate Buy" and a consensus price target of $36.44.

BOX 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.