Box, Inc. $BOX Stake Cut by Victory Capital Management Inc.

Key Points

• Victory Capital reduced its stake: the firm sold 69,553 shares in Q3, cutting its position by 12.5% to 486,295 shares valued at about $15.7 million.
• Shifting institutional interest: Norges Bank opened a ~ $33M position, Qube Research boosted its stake 240.6% to 1.21M shares, and Invesco more than doubled its holdings, leaving institutional investors with roughly 86.74% ownership.
• Insider selling amid an earnings beat: insiders sold 52,999 shares (~$1.45M) over the past three months, while Box reported $0.49 EPS (vs. $0.33 expected) and $305.88M revenue, up 9.4% year-over-year.

Victory Capital Management Inc. lessened its holdings in Box, Inc. (NYSE:BOX - Free Report) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 486,295 shares of the software maker's stock after selling 69,553 shares during the quarter. Victory Capital Management Inc. owned approximately 0.34% of BOX worth $15,693,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BOX. Norges Bank acquired a new position in BOX during the 2nd quarter valued at approximately $33,042,000. Qube Research & Technologies Ltd increased its position in BOX by 240.6% in the second quarter. Qube Research & Technologies Ltd now owns 1,210,237 shares of the software maker's stock worth $41,354,000 after buying an additional 854,953 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in BOX in the second quarter worth $22,626,000. Mizuho Markets Americas LLC bought a new stake in BOX in the third quarter valued at $20,851,000. Finally, Invesco Ltd. boosted its holdings in shares of BOX by 101.1% during the second quarter. Invesco Ltd. now owns 1,141,603 shares of the software maker's stock valued at $39,009,000 after acquiring an additional 573,817 shares during the period. 86.74% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other BOX news, VP Eli Berkovitch sold 5,163 shares of the company's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $29.96, for a total value of $154,683.48. Following the completion of the sale, the vice president directly owned 123,684 shares in the company, valued at $3,705,572.64. This represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Olivia Nottebohm sold 4,612 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $25.78, for a total value of $118,897.36. Following the transaction, the chief operating officer directly owned 465,219 shares of the company's stock, valued at approximately $11,993,345.82. The trade was a 0.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 52,999 shares of company stock worth $1,454,739 over the last three months. Corporate insiders own 3.90% of the company's stock.

Analyst Ratings Changes

BOX has been the subject of several recent research reports. Citigroup lowered their price target on shares of BOX from $40.00 to $36.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. 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. DA Davidson restated a "buy" rating and issued a $45.00 target price on shares of BOX in a research report on Wednesday, December 3rd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of BOX in a research note on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $36.29.

BOX Stock Performance

Shares of BOX opened at $24.81 on Wednesday. Box, Inc. has a one year low of $21.61 and a one year high of $38.80. The stock's fifty day moving average is $25.64 and its 200-day moving average is $29.55. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 42.06, a price-to-earnings-growth ratio of 1.33 and a beta of 0.80.

BOX (NYSE:BOX - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $305.88 million during the quarter, compared to the consensus estimate of $305.64 million. BOX had a net margin of 9.80% and a negative return on equity of 23.61%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. Analysts forecast that Box, Inc. will post 0.27 EPS for the current fiscal year.

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.

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