Sunriver Management LLC Reduces Holdings in Box, Inc. (NYSE:BOX)

Sunriver Management LLC lowered its position in Box, Inc. (NYSE:BOX) by 39.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 949,452 shares of the software maker’s stock after selling 622,526 shares during the quarter. BOX comprises 3.6% of Sunriver Management LLC’s investment portfolio, making the stock its 16th largest holding. Sunriver Management LLC owned approximately 0.66% of BOX worth $30,003,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership grew its position in shares of BOX by 103.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker’s stock valued at $107,009,000 after purchasing an additional 1,725,197 shares in the last quarter. Norges Bank purchased a new position in BOX during the 4th quarter valued at about $29,973,000. Jupiter Asset Management Ltd. purchased a new position in BOX during the 4th quarter valued at about $24,234,000. Fisher Asset Management LLC increased its position in shares of BOX by 420.6% during the fourth quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker’s stock valued at $27,097,000 after buying an additional 692,784 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of BOX by 22.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,633,647 shares of the software maker’s stock worth $51,623,000 after buying an additional 304,755 shares in the last quarter. 86.74% of the stock is currently owned by institutional investors.

Insider Transactions at BOX

In other news, COO Olivia Nottebohm sold 1,332 shares of BOX stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $29.01, for a total value of $38,641.32. Following the transaction, the chief operating officer now owns 492,545 shares in the company, valued at approximately $14,288,730.45. The trade was a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dylan C. Smith sold 13,000 shares of the stock in a transaction dated Monday, February 10th. The shares were 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. This represents a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 57,246 shares of company stock worth $1,862,181. 4.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on BOX. JPMorgan Chase & Co. decreased 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 cut shares of BOX from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 8th. Raymond James reissued an “outperform” rating and set a $38.00 price objective (down previously from $40.00) on shares of BOX in a research note on Wednesday, March 5th. DA Davidson restated a “buy” rating and issued a $45.00 target price on shares of BOX in a research note on Wednesday, March 19th. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $21.00 price target on shares of BOX in a research report on Wednesday, March 19th. 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.11.

BOX Price Performance

NYSE:BOX opened at $30.21 on Monday. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 37.76, a PEG ratio of 4.42 and a beta of 0.96. The business has a 50 day moving average of $32.10 and a 200 day moving average of $32.41. Box, Inc. has a 1-year low of $24.63 and a 1-year high of $35.74.

BOX announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 4th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the software maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.