BOX (NYSE:BOX) Downgraded to Buy Rating by Wall Street Zen

BOX (NYSE:BOX) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

BOX has been the topic of several other reports. Citigroup cut their price target on shares of BOX from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of BOX in a report on Monday, December 29th. Morgan Stanley cut their target price on BOX from $38.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 12th. William Blair reissued a “market perform” rating on shares of BOX in a report on Monday, March 23rd. Finally, UBS Group decreased their target price on BOX from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.57.

BOX Stock Performance

BOX opened at $23.03 on Friday. BOX has a one year low of $21.61 and a one year high of $38.80. The company has a market cap of $3.19 billion, a P/E ratio of 39.04, a PEG ratio of 1.22 and a beta of 0.80. The business’s 50-day simple moving average is $24.47 and its 200-day simple moving average is $28.85.

BOX (NYSE:BOX) last posted its earnings results on Tuesday, March 3rd. The software maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.16. The firm had revenue of $305.88 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, analysts predict that BOX will post 0.27 earnings per share for the current fiscal year.

BOX announced that its board has approved a stock repurchase plan on Thursday, March 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the software maker to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Dylan C. Smith sold 17,000 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $24.72, for a total value of $420,240.00. Following the completion of the sale, the chief financial officer directly owned 1,294,195 shares of the company’s stock, valued at approximately $31,992,500.40. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Olivia Nottebohm sold 4,612 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $25.78, for a total transaction of $118,897.36. Following the completion of the sale, the chief operating officer directly owned 465,219 shares of the company’s stock, valued at $11,993,345.82. The trade was a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 75,224 shares of company stock worth $1,953,474 in the last 90 days. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On BOX

Institutional investors have recently added to or reduced their stakes in the stock. Woodline Partners LP lifted its position in BOX by 16.4% during the 1st quarter. Woodline Partners LP now owns 17,800 shares of the software maker’s stock worth $549,000 after acquiring an additional 2,506 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of BOX by 7.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 477,822 shares of the software maker’s stock worth $14,746,000 after purchasing an additional 32,726 shares during the last quarter. Geneos Wealth Management Inc. purchased a new stake in shares of BOX during the first quarter worth approximately $31,000. Sivia Capital Partners LLC acquired a new stake in shares of BOX during the second quarter worth $484,000. Finally, Creative Planning lifted its holdings in shares of BOX by 84.3% during the second quarter. Creative Planning now owns 39,251 shares of the software maker’s stock worth $1,341,000 after purchasing an additional 17,950 shares during the period. Institutional investors and hedge funds own 86.74% 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.