DA Davidson Cuts BOX (NYSE:BOX) Price Target to $40.00

BOX (NYSE:BOX) had its price target dropped by equities research analysts at DA Davidson from $45.00 to $40.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. DA Davidson’s target price would suggest a potential upside of 33.47% from the stock’s previous close.

A number of other analysts have also recently commented on BOX. JPMorgan Chase & Co. dropped their target price on shares of BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. StockNews.com lowered BOX from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. Royal Bank of Canada reissued an “underperform” rating and issued a $21.00 target price on shares of BOX in a research note on Wednesday, March 19th. Finally, Raymond James reissued an “outperform” rating and set a $38.00 price objective (down from $40.00) on shares of BOX in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, BOX presently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

BOX Trading Down 0.8 %

Shares of BOX stock traded down $0.24 during midday trading on Monday, reaching $29.97. 977,032 shares of the stock were exchanged, compared to its average volume of 1,711,919. BOX has a 1 year low of $24.63 and a 1 year high of $35.74. The firm has a market cap of $4.31 billion, a PE ratio of 37.46, a price-to-earnings-growth ratio of 4.42 and a beta of 0.96. The company’s 50 day moving average is $32.10 and its two-hundred day moving average is $32.41.

BOX declared that its board has approved a stock repurchase program on Tuesday, March 4th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the software maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other BOX news, CFO Dylan C. Smith sold 13,000 shares of BOX stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $34.32, for a total value of $446,160.00. Following the sale, the chief financial officer now owns 1,453,684 shares of the company’s stock, valued at $49,890,434.88. The trade was a 0.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Olivia Nottebohm sold 1,332 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now directly owns 492,545 shares of the company’s stock, valued at approximately $14,288,730.45. This trade 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 57,246 shares of company stock worth $1,862,181 over the last three months. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BOX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of BOX by 332.5% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 865 shares of the software maker’s stock valued at $27,000 after buying an additional 665 shares during the period. Versant Capital Management Inc lifted its position in shares of BOX by 519.4% during the first quarter. Versant Capital Management Inc now owns 1,951 shares of the software maker’s stock worth $60,000 after purchasing an additional 1,636 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of BOX by 715.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker’s stock valued at $69,000 after purchasing an additional 1,897 shares during the period. TD Waterhouse Canada Inc. grew its holdings in shares of BOX by 42.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 2,194 shares of the software maker’s stock worth $69,000 after purchasing an additional 653 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of BOX by 19.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,579 shares of the software maker’s stock worth $81,000 after acquiring an additional 417 shares during the period. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

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.