Royal Bank of Canada Reiterates "Underperform" Rating for BOX (NYSE:BOX)

BOX (NYSE:BOX - Get Free Report)'s stock had its "underperform" rating restated by equities research analysts at Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They currently have a $21.00 price objective on the software maker's stock. Royal Bank of Canada's price target would suggest a potential downside of 30.80% from the company's previous close.

Several other brokerages also recently commented on BOX. Raymond James reaffirmed an "outperform" rating and set a $38.00 price objective (down previously from $40.00) on shares of BOX in a research report on Wednesday, March 5th. Bank of America started coverage on shares of BOX in a research report on Thursday, December 12th. They set a "buy" rating and a $40.00 price objective for the company. DA Davidson started coverage on shares of BOX in a research report on Wednesday, December 18th. They set a "buy" rating and a $45.00 price objective for the company. StockNews.com downgraded shares of BOX from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, January 8th. Finally, Morgan Stanley raised their price objective on shares of BOX from $33.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $37.11.

Remove Ads

BOX Trading Up 0.4 %

NYSE:BOX traded up $0.13 on Wednesday, reaching $30.35. 2,367,311 shares of the stock traded hands, compared to its average volume of 1,731,793. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of 37.93, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. BOX has a 1-year low of $24.63 and a 1-year high of $35.74. The company's 50 day moving average is $32.73 and its 200-day moving average is $32.71.

BOX declared that its Board of Directors has authorized a stock repurchase plan 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 plans are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at BOX

In other BOX news, CFO Dylan C. Smith sold 13,000 shares of BOX stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $31.05, for a total transaction of $403,650.00. Following the completion of the transaction, the chief financial officer now owns 1,466,684 shares of the company's stock, valued at $45,540,538.20. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Aaron Levie sold 10,000 shares of BOX stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $32.08, for a total value of $320,800.00. Following the transaction, the chief executive officer now directly owns 2,979,780 shares of the company's stock, valued at $95,591,342.40. The trade was a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,363 shares of company stock worth $2,533,374. Corporate insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Earnest Partners LLC grew its holdings in BOX by 2.1% during the 4th quarter. Earnest Partners LLC now owns 7,896,931 shares of the software maker's stock valued at $249,543,000 after buying an additional 162,437 shares in the last quarter. State Street Corp grew its holdings in BOX by 1.2% during the 3rd quarter. State Street Corp now owns 5,623,032 shares of the software maker's stock valued at $184,042,000 after buying an additional 69,107 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of BOX by 103.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker's stock worth $107,009,000 after purchasing an additional 1,725,197 shares in the last quarter. Sei Investments Co. lifted its position in BOX by 8.4% in the 4th quarter. Sei Investments Co. now owns 3,286,619 shares of the software maker's stock worth $103,857,000 after buying an additional 255,623 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in BOX by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,249,823 shares of the software maker's stock worth $106,387,000 after buying an additional 13,028 shares during the last quarter. Hedge funds and other institutional investors own 86.74% of the company's stock.

BOX Company 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.