Legal & General Group Plc Cuts Stake in Box, Inc. (NYSE:BOX)

Legal & General Group Plc decreased its position in shares of Box, Inc. (NYSE:BOX - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 410,432 shares of the software maker's stock after selling 18,414 shares during the period. Legal & General Group Plc owned 0.29% of BOX worth $12,970,000 as of its most recent SEC filing.

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

BOX Stock Down 0.4 %

Shares of BOX stock traded down $0.13 during trading on Friday, hitting $29.65. 928,340 shares of the company were exchanged, compared to its average volume of 1,817,048. The firm has a 50 day moving average price of $31.64 and a 200 day moving average price of $32.33. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 37.06, a P/E/G ratio of 4.42 and a beta of 0.96. Box, Inc. has a fifty-two week low of $24.63 and a fifty-two week high of $35.74.

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

Insider Activity

In other BOX news, COO Olivia Nottebohm sold 1,332 shares of the business's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $29.01, for a total value of $38,641.32. Following the completion of the transaction, the chief operating officer now directly owns 492,545 shares in the company, valued at approximately $14,288,730.45. The trade was a 0.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $320,800.00. Following the sale, the chief executive officer now owns 2,979,780 shares in the company, valued at $95,591,342.40. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,996 shares of company stock worth $2,329,886 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on BOX. Raymond James restated an "outperform" rating and set a $38.00 price target (down previously from $40.00) on shares of BOX in a research note on Wednesday, March 5th. Morgan Stanley dropped their price target on shares of BOX from $36.00 to $35.00 and set an "equal weight" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. lowered 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. Royal Bank of Canada reissued an "underperform" rating and issued a $21.00 price target on shares of BOX in a report on Wednesday, March 19th. Finally, DA Davidson cut their price objective on BOX from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, BOX presently has an average rating of "Moderate Buy" and an average target price of $36.44.

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.