BOX (NYSE:BOX) Given New $24.00 Price Target at Royal Bank of Canada

BOX (NYSE:BOX - Free Report) had its price objective hoisted by Royal Bank of Canada from $21.00 to $24.00 in a research report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has an underperform rating on the software maker's stock.

A number of other brokerages have also recently commented on BOX. DA Davidson raised their price target on BOX from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Wednesday. UBS Group upgraded BOX from a "buy" rating to a "strong-buy" rating and raised their price target for the stock from $37.00 to $40.00 in a research report on Wednesday. Wall Street Zen upgraded BOX from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, May 14th. Raymond James reiterated an "outperform" rating and issued a $38.00 target price (down previously from $40.00) on shares of BOX in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their target price on BOX from $38.00 to $37.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $38.11.

BOX Stock Performance

NYSE BOX traded up $0.51 during trading hours on Wednesday, hitting $37.38. 12,781,958 shares of the company traded hands, compared to its average volume of 1,911,273. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 46.73, a P/E/G ratio of 4.42 and a beta of 0.94. BOX has a twelve month low of $24.63 and a twelve month high of $37.66. The business's 50-day moving average is $31.05 and its 200-day moving average is $32.16.

BOX (NYSE:BOX - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The software maker reported $0.30 EPS for the quarter, beating the consensus estimate of $0.25 by $0.05. The company had revenue of $276.27 million during the quarter, compared to the consensus estimate of $274.77 million. BOX had a negative return on equity of 17.20% and a net margin of 13.96%. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. Analysts predict that BOX will post 0.27 EPS for the current year.

BOX declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 4th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the software maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, CFO Dylan C. Smith sold 13,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $31.95, for a total value of $415,350.00. Following the sale, the chief financial officer now directly owns 1,440,684 shares of the company's stock, valued at $46,029,853.80. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Olivia Nottebohm sold 3,434 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $31.54, for a total transaction of $108,308.36. Following the completion of the sale, the chief operating officer now directly owns 556,011 shares in the company, valued at $17,536,586.94. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,377 shares of company stock valued at $2,060,714 in the last 90 days. Insiders own 3.90% of the company's stock.

Hedge Funds Weigh In On BOX

Several institutional investors and hedge funds have recently bought and sold shares of BOX. TCTC Holdings LLC boosted its position in shares of BOX by 115.4% during the first quarter. TCTC Holdings LLC now owns 825 shares of the software maker's stock valued at $25,000 after purchasing an additional 442 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in BOX by 332.5% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 865 shares of the software maker's stock valued at $27,000 after buying an additional 665 shares during the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of BOX in the 1st quarter worth $31,000. Geneos Wealth Management Inc. bought a new stake in shares of BOX in the 1st quarter worth $31,000. Finally, Versant Capital Management Inc increased its holdings in shares of BOX by 519.4% in the 1st quarter. Versant Capital Management Inc now owns 1,951 shares of the software maker's stock worth $60,000 after purchasing an additional 1,636 shares in the last quarter. 86.74% of the stock is currently owned by institutional investors.

BOX Company Profile

Box, Inc engages in the provision of an enterprise content platform that enables organizations to securely manage enterprise content while allowing easy, secure access and sharing of this content from anywhere, on any device. Its products include cloud content management, IT and admin controls, Box Governance, Box Zones, Box Relay, Box Shuttle, and Box KeySafe.