Royal Bank of Canada Issues Positive Forecast for BOX (NYSE:BOX) Stock Price

BOX (NYSE:BOX - Free Report) had its target price increased by Royal Bank of Canada from $21.00 to $24.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an underperform rating on the software maker's stock.

A number of other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of BOX from $38.00 to $37.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Raymond James restated an "outperform" rating and set a $38.00 target price (down from $40.00) on shares of BOX in a report on Wednesday, March 5th. Morgan Stanley reduced their price target on BOX from $36.00 to $35.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. UBS Group raised BOX from a "buy" rating to a "strong-buy" rating and increased their price objective for the company from $37.00 to $40.00 in a report on Wednesday. Finally, Wall Street Zen upgraded BOX from a "buy" rating to a "strong-buy" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $38.50.

BOX Stock Up 1.3%

Shares of BOX traded up $0.49 during midday trading on Wednesday, reaching $37.84. 3,948,945 shares of the stock were exchanged, compared to its average volume of 1,909,790. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 47.30, a P/E/G ratio of 4.42 and a beta of 0.94. BOX has a 12-month low of $24.63 and a 12-month high of $37.96. The firm has a 50 day simple moving average of $31.19 and a 200-day simple moving average of $32.17.

BOX (NYSE:BOX - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The software maker reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. The firm had revenue of $276.27 million for the quarter, compared to analyst estimates of $274.77 million. BOX had a net margin of 13.96% and a negative return on equity of 17.20%. The company's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 earnings per share. Research analysts expect that BOX will post 0.27 earnings per share for the current fiscal year.

BOX announced that its Board of Directors has approved a share buyback program on Tuesday, March 4th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the software maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insider Transactions at BOX

In related news, COO Olivia Nottebohm sold 1,332 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $29.01, for a total value of $38,641.32. Following the completion of the transaction, the chief operating officer now owns 492,545 shares of the company's stock, valued at $14,288,730.45. This represents a 0.27% 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, VP Eli Berkovitch sold 2,750 shares of the firm's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $29.58, for a total transaction of $81,345.00. Following the transaction, the vice president now owns 121,922 shares of the company's stock, valued at approximately $3,606,452.76. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,377 shares of company stock valued at $2,060,714. 3.90% of the stock is owned by corporate insiders.

Institutional Trading of BOX

Several institutional investors have recently bought and sold shares of BOX. Arrowstreet Capital Limited Partnership grew its position in BOX by 103.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker's stock valued at $107,009,000 after acquiring an additional 1,725,197 shares during the period. Norges Bank acquired a new stake in shares of BOX in the 4th quarter valued at $29,973,000. Jupiter Asset Management Ltd. acquired a new stake in shares of BOX in the 4th quarter valued at $24,234,000. Fisher Asset Management LLC grew its holdings in shares of BOX by 420.6% in the 4th quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker's stock worth $27,097,000 after purchasing an additional 692,784 shares during the last quarter. Finally, Sunriver Management LLC increased its position in shares of BOX by 62.9% during the 1st quarter. Sunriver Management LLC now owns 1,546,862 shares of the software maker's stock worth $47,736,000 after purchasing an additional 597,410 shares in the last quarter. Institutional investors and hedge funds own 86.74% of the company's stock.

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.