BOX (NYSE:BOX) Board of Directors Authorizes Share Repurchase Plan

BOX (NYSE:BOX) announced that its board has initiated a share repurchase plan on Thursday, March 19th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization permits the software maker to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

BOX Price Performance

NYSE BOX opened at $23.85 on Friday. BOX has a fifty-two week low of $21.61 and a fifty-two week high of $38.80. The stock’s 50-day moving average is $24.95 and its two-hundred day moving average is $29.21. The firm has a market cap of $3.42 billion, a P/E ratio of 40.42, a price-to-earnings-growth ratio of 1.27 and a beta of 0.80.

BOX (NYSE:BOX) last released its quarterly earnings results on Tuesday, March 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.16. The company had revenue of $305.88 million during the quarter, compared to the consensus estimate of $305.64 million. BOX had a negative return on equity of 23.61% and a net margin of 9.80%.The firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 EPS. On average, equities analysts expect that BOX will post 0.27 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on BOX shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of BOX in a research report on Monday, December 29th. Morgan Stanley reduced their price target on BOX from $38.00 to $33.00 and set an “equal weight” rating for the company in a report on Thursday, March 12th. Wall Street Zen upgraded BOX from a “hold” rating to a “strong-buy” rating in a report on Saturday, March 14th. DA Davidson reaffirmed a “buy” rating and set a $45.00 price objective on shares of BOX in a research report on Wednesday, December 3rd. Finally, UBS Group reduced their target price on shares of BOX from $31.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, BOX presently has an average rating of “Hold” and a consensus price target of $35.57.

Insiders Place Their Bets

In other BOX news, CFO Dylan C. Smith sold 17,000 shares of the stock in a transaction on Friday, January 9th. The shares were sold at an average price of $29.57, for a total value of $502,690.00. Following the completion of the sale, the chief financial officer directly owned 1,328,195 shares of the company’s stock, valued at $39,274,726.15. This represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Aaron Levie sold 15,000 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $24.72, for a total transaction of $370,800.00. Following the completion of the sale, the chief executive officer owned 2,907,030 shares of the company’s stock, valued at approximately $71,861,781.60. The trade was a 0.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 79,836 shares of company stock valued at $2,091,096 in the last quarter. Insiders own 3.90% of the company’s stock.

About BOX

Box, Inc is a leading provider of cloud content management and file sharing solutions designed to support enterprises in securely managing, accessing and collaborating on digital content from anywhere. The company offers a unified platform that enables organizations to store, share and automate workflows across various departments, enhancing productivity and ensuring governance over sensitive information. Box’s services are tailored to meet the needs of industries such as healthcare, financial services, government and media, where compliance and data security are paramount.

The core offerings of Box include its Content Cloud platform, which provides content collaboration, workflow automation, data classification and secure file sharing.