DA Davidson Reaffirms “Buy” Rating for BOX (NYSE:BOX)

BOX (NYSE:BOX)‘s stock had its “buy” rating reaffirmed by analysts at DA Davidson in a research note issued on Wednesday,Benzinga reports. They currently have a $45.00 price objective on the software maker’s stock. DA Davidson’s target price would suggest a potential upside of 41.67% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Citigroup increased their price objective on shares of BOX from $39.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, August 27th. Weiss Ratings downgraded shares of BOX from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, November 28th. UBS Group cut BOX from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $42.00 to $36.00 in a research note on Thursday, September 18th. Raymond James Financial reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of BOX in a research note on Wednesday, August 27th. Finally, Zacks Research downgraded BOX from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.25.

BOX Trading Down 1.3%

NYSE:BOX opened at $31.77 on Wednesday. BOX has a 12-month low of $28.00 and a 12-month high of $38.80. The stock has a 50-day moving average price of $31.77 and a 200 day moving average price of $32.74. The stock has a market capitalization of $4.60 billion, a P/E ratio of 25.62 and a beta of 0.79.

Insiders Place Their Bets

In related news, Director Jack R. Lazar sold 5,000 shares of the company’s stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $32.20, for a total transaction of $161,000.00. Following the transaction, the director directly owned 27,855 shares of the company’s stock, valued at $896,931. This represents a 15.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Olivia Nottebohm sold 4,612 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $31.35, for a total value of $144,586.20. Following the sale, the chief operating officer owned 497,639 shares in the company, valued at $15,600,982.65. The trade was a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 122,336 shares of company stock worth $3,986,999. Insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On BOX

Several hedge funds have recently made changes to their positions in BOX. Caitong International Asset Management Co. Ltd raised its stake in shares of BOX by 7,130.0% in the second quarter. Caitong International Asset Management Co. Ltd now owns 723 shares of the software maker’s stock worth $25,000 after purchasing an additional 713 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in BOX during the first quarter valued at $31,000. Salomon & Ludwin LLC acquired a new stake in BOX during the 3rd quarter worth about $32,000. Employees Retirement System of Texas acquired a new position in shares of BOX in the 3rd quarter valued at about $35,000. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of BOX by 1,778.1% in the third quarter. CIBC Private Wealth Group LLC now owns 1,202 shares of the software maker’s stock worth $39,000 after buying an additional 1,138 shares during the last quarter. 86.74% of the stock is owned by institutional investors and hedge funds.

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.