Norges Bank Invests $29.97 Million in Box, Inc. (NYSE:BOX)

Norges Bank purchased a new position in shares of Box, Inc. (NYSE:BOX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 948,526 shares of the software maker's stock, valued at approximately $29,973,000. Norges Bank owned approximately 0.66% of BOX as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in BOX by 715.8% during the fourth 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. Farther Finance Advisors LLC grew its position in shares of BOX by 19.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,579 shares of the software maker's stock valued at $81,000 after purchasing an additional 417 shares during the period. SBI Securities Co. Ltd. bought a new stake in BOX during the 4th quarter worth approximately $132,000. Plato Investment Management Ltd acquired a new position in BOX in the 4th quarter worth $134,000. Finally, KBC Group NV increased its holdings in BOX by 35.7% during the 4th quarter. KBC Group NV now owns 5,403 shares of the software maker's stock worth $171,000 after purchasing an additional 1,420 shares in the last quarter. Institutional investors and hedge funds own 86.74% of the company's stock.

Insider Transactions at BOX

In other news, VP Eli Berkovitch sold 5,651 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $30.66, for a total transaction of $173,259.66. Following the sale, the vice president now owns 124,672 shares in the company, valued at approximately $3,822,443.52. The trade was a 4.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Olivia Nottebohm sold 1,332 shares of BOX 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 transaction, the chief operating officer now owns 492,545 shares of the company's stock, valued at $14,288,730.45. The trade was a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 57,246 shares of company stock valued at $1,862,181 over the last three months. Company insiders own 4.10% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BOX. StockNews.com lowered BOX from a "strong-buy" rating to a "buy" rating in a report on Wednesday, January 8th. Bank of America assumed coverage on BOX in a research note on Thursday, December 12th. They issued a "buy" rating and a $40.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on BOX from $38.00 to $37.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Royal Bank of Canada reaffirmed an "underperform" rating and set a $21.00 price target on shares of BOX in a research report on Wednesday, March 19th. Finally, 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. One equities 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $37.11.

BOX Stock Performance

BOX stock traded up $0.19 during mid-day trading on Friday, hitting $30.21. The company had a trading volume of 1,380,204 shares, compared to its average volume of 1,823,000. Box, Inc. has a 12 month low of $24.63 and a 12 month high of $35.74. The stock's fifty day moving average price is $32.10 and its two-hundred day moving average price is $32.41. The firm has a market cap of $4.34 billion, a PE ratio of 37.76, a price-to-earnings-growth ratio of 4.42 and a beta of 0.96.

BOX announced that its Board of Directors has authorized a stock buyback plan on Tuesday, March 4th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the software maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

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.