BOX (NYSE:BOX) Shares Gap Down After Analyst Downgrade

Box, Inc. (NYSE:BOX) shares gapped down before the market opened on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $37.00. The stock had previously closed at $33.47, but opened at $31.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. BOX shares last traded at $31.92, with a volume of 1,035,617 shares changing hands.

Several other analysts have also recently issued reports on the stock. Citigroup upped their target price on shares of BOX from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Bank of America initiated coverage on BOX in a report on Thursday, December 12th. They issued a “buy” rating and a $40.00 target price for the company. Morgan Stanley increased their price target on BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $21.00 price objective on shares of BOX in a research note on Wednesday, December 4th. Finally, StockNews.com downgraded shares of BOX from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.60.

Insider Activity at BOX

In related news, COO Olivia Nottebohm sold 12,414 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $31.85, for a total transaction of $395,385.90. Following the transaction, the chief operating officer now directly owns 453,146 shares of the company’s stock, valued at $14,432,700.10. This represents a 2.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Aaron Levie sold 10,000 shares of BOX stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $32.54, for a total transaction of $325,400.00. Following the sale, the chief executive officer now owns 2,999,155 shares of the company’s stock, valued at $97,592,503.70. The trade was a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,041 shares of company stock worth $2,889,758. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On BOX

Several hedge funds have recently made changes to their positions in BOX. Itau Unibanco Holding S.A. acquired a new stake in BOX during the third quarter valued at $36,000. Farther Finance Advisors LLC increased its stake in BOX by 245.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,162 shares of the software maker’s stock worth $71,000 after buying an additional 1,536 shares during the period. Smartleaf Asset Management LLC grew 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 worth $69,000 after purchasing an additional 1,897 shares in the last quarter. TD Waterhouse Canada Inc. boosted its stake in BOX by 42.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 2,194 shares of the software maker’s stock valued at $69,000 after acquiring an additional 653 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in BOX in the 4th quarter valued at $132,000. 86.74% of the stock is owned by institutional investors and hedge funds.

BOX Stock Down 3.9 %

The company has a fifty day moving average of $32.81 and a two-hundred day moving average of $32.62. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 40.19, a P/E/G ratio of 4.42 and a beta of 0.88.

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

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.