Raymond James Reaffirms “Outperform” Rating for BOX (NYSE:BOX)

Raymond James restated their outperform rating on shares of BOX (NYSE:BOX) in a report issued on Wednesday morning,Benzinga reports. The firm currently has a $42.00 target price on the software maker’s stock, up from their prior target price of $38.00.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada increased their price target on BOX from $21.00 to $24.00 and gave the stock an “underperform” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on BOX from $37.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday. Wall Street Zen upgraded BOX from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 14th. Morgan Stanley raised their price objective on BOX from $35.00 to $38.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, UBS Group raised their price objective on BOX from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, BOX currently has a consensus rating of “Moderate Buy” and an average price target of $38.11.

BOX Stock Performance

Shares of NYSE BOX opened at $36.88 on Wednesday. The business’s 50 day moving average price is $30.92 and its 200-day moving average price is $32.14. BOX has a fifty-two week low of $24.63 and a fifty-two week high of $37.66. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 46.10, a PEG ratio of 4.42 and a beta of 0.94.

BOX (NYSE:BOX) last issued its quarterly earnings results on Tuesday, May 27th. The software maker reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.05. BOX had a negative return on equity of 17.20% and a net margin of 13.96%. The firm had revenue of $276.27 million for the quarter, compared to the consensus estimate of $274.77 million. During the same period in the prior year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. Sell-side analysts predict that BOX will post 0.27 earnings per share for the current year.

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

Insider Buying and Selling at BOX

In related news, CFO Dylan C. Smith sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $31.95, for a total transaction of $415,350.00. Following the completion of the transaction, the chief financial officer now owns 1,440,684 shares in the company, valued at $46,029,853.80. 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 this link. Also, CEO Aaron Levie sold 10,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $32.08, for a total transaction of $320,800.00. Following the sale, 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 90 days, insiders have sold 66,377 shares of company stock valued at $2,060,714. 3.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BOX

Several institutional investors and hedge funds have recently bought and sold shares of BOX. TCTC Holdings LLC lifted its holdings in shares of BOX by 115.4% during the 1st quarter. TCTC Holdings LLC now owns 825 shares of the software maker’s stock valued at $25,000 after purchasing an additional 442 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in BOX by 332.5% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 865 shares of the software maker’s stock worth $27,000 after buying an additional 665 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new position in BOX during the 1st quarter valued at about $31,000. Geneos Wealth Management Inc. purchased a new stake in BOX in the first quarter valued at about $31,000. Finally, Versant Capital Management Inc raised its stake in BOX by 519.4% in the first quarter. Versant Capital Management Inc now owns 1,951 shares of the software maker’s stock valued at $60,000 after buying an additional 1,636 shares during the last quarter. 86.74% of the stock is owned by hedge funds and other institutional investors.

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.