BOX (NYSE:BOX) Releases Q2 2023 Earnings Guidance

BOX (NYSE:BOX – Get Rating) issued an update on its second quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.27-$0.28 for the period, compared to the consensus estimate of $0.27. The company issued revenue guidance of $244.00 million-$246.00 million, compared to the consensus revenue estimate of $243.74 million.BOX also updated its FY 2023 guidance to $1.11-$1.15 EPS.

BOX stock traded up $0.62 during mid-day trading on Wednesday, hitting $26.06. The stock had a trading volume of 2,339,777 shares, compared to its average volume of 1,808,515. BOX has a 1-year low of $22.18 and a 1-year high of $33.04. The company has a fifty day moving average of $29.25 and a 200 day moving average of $27.01. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -74.29 and a beta of 1.15.

BOX (NYSE:BOX – Get Rating) last issued its earnings results on Wednesday, March 2nd. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $233.36 million during the quarter, compared to analyst estimates of $228.60 million. During the same period in the previous year, the company earned ($0.02) earnings per share. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities analysts anticipate that BOX will post -0.12 earnings per share for the current year.

BOX has been the topic of a number of analyst reports. Craig Hallum increased their price objective on BOX from $38.00 to $44.00 in a report on Thursday, March 3rd. KeyCorp increased their price objective on BOX from $30.00 to $32.00 and gave the company an overweight rating in a report on Thursday, March 3rd. JPMorgan Chase & Co. raised BOX from an underweight rating to a neutral rating and increased their price objective for the company from $22.00 to $28.00 in a report on Thursday, March 3rd. StockNews.com assumed coverage on BOX in a report on Thursday, March 31st. They set a strong-buy rating on the stock. Finally, Oppenheimer reaffirmed an outperform rating and issued a $30.00 target price on shares of BOX in a report on Friday, March 18th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Buy and an average price target of $31.40.

In other news, VP Eli Berkovitch sold 8,000 shares of the stock in a transaction on Monday, March 28th. The shares were sold at an average price of $28.36, for a total value of $226,880.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Dylan C. Smith sold 15,000 shares of the stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $29.05, for a total transaction of $435,750.00. Following the completion of the transaction, the chief financial officer now owns 1,462,315 shares of the company’s stock, valued at approximately $42,480,250.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,000 shares of company stock valued at $1,091,930. Corporate insiders own 6.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Fairfield Bush & CO. bought a new stake in shares of BOX in the 1st quarter worth about $29,000. Cambridge Investment Research Advisors Inc. bought a new stake in BOX during the 1st quarter worth about $206,000. Prelude Capital Management LLC bought a new stake in BOX during the 1st quarter worth about $284,000. Virtu Financial LLC bought a new stake in BOX during the 4th quarter worth about $401,000. Finally, Mackenzie Financial Corp grew its holdings in BOX by 8.9% during the 4th quarter. Mackenzie Financial Corp now owns 15,400 shares of the software maker’s stock worth $403,000 after acquiring an additional 1,255 shares during the last quarter. 87.42% of the stock is currently owned by institutional investors and hedge funds.

About BOX (Get Rating)

Box, Inc provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device. The company's Software-as-a-Service platform enables users to collaborate on content internally and with external parties, automate content-driven business processes, develop custom applications, and implement data protection, security, and compliance features to comply with legal and regulatory requirements, internal policies, and industry standards and regulations.

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