Box, Inc. $BOX Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. lowered its stake in shares of Box, Inc. (NYSE:BOX) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,855,109 shares of the software maker’s stock after selling 84,605 shares during the period. Congress Asset Management Co. owned about 1.30% of BOX worth $55,486,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in BOX in the 1st quarter valued at about $31,000. Salomon & Ludwin LLC purchased a new stake in BOX during the 3rd quarter worth approximately $32,000. Employees Retirement System of Texas purchased a new stake in BOX during the 3rd quarter worth approximately $35,000. CIBC Private Wealth Group LLC raised its holdings in shares of BOX by 1,778.1% during the third quarter. CIBC Private Wealth Group LLC now owns 1,202 shares of the software maker’s stock valued at $39,000 after acquiring an additional 1,138 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of BOX by 112.8% during the third quarter. Covestor Ltd now owns 1,326 shares of the software maker’s stock valued at $42,000 after acquiring an additional 703 shares during the last quarter. Institutional investors and hedge funds own 86.74% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Aaron Levie sold 15,000 shares of BOX stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $24.72, for a total transaction of $370,800.00. Following the transaction, the chief executive officer owned 2,907,030 shares in the company, valued at $71,861,781.60. The trade was a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Olivia Nottebohm sold 4,612 shares of the business’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 transaction, the chief operating officer directly owned 465,219 shares in the company, valued at approximately $11,993,345.82. The trade was a 0.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 79,836 shares of company stock valued at $2,091,096 in the last three months. 3.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. UBS Group lowered their price target on BOX from $31.00 to $28.00 and set a “hold” rating on the stock in a research note on Wednesday, March 4th. Wall Street Zen raised BOX from a “hold” rating to a “strong-buy” rating in a research note on Saturday, March 14th. DA Davidson restated a “buy” rating and issued a $45.00 price objective on shares of BOX in a report on Friday. Citigroup lowered their target price 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. Finally, Morgan Stanley dropped their target price on shares of BOX from $38.00 to $33.00 and set an “equal weight” rating for the company in a report on Thursday, March 12th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.57.

BOX Price Performance

BOX stock opened at $24.53 on Tuesday. The business has a 50 day simple moving average of $24.75 and a 200-day simple moving average of $29.06. The firm has a market capitalization of $3.40 billion, a PE ratio of 41.58, a price-to-earnings-growth ratio of 1.26 and a beta of 0.80. Box, Inc. has a 1 year low of $21.61 and a 1 year high of $38.80.

BOX (NYSE:BOX) last posted its quarterly earnings results on Tuesday, March 3rd. The software maker reported $0.49 EPS for the quarter, beating 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 business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 earnings per share. On average, equities research analysts expect that Box, Inc. will post 0.27 EPS for the current year.

BOX announced that its board has approved a share buyback plan on Thursday, March 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 14.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

BOX Profile

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.