BOX (NYSE:BOX) Price Target Cut to $37.00 by Analysts at JPMorgan Chase & Co.

BOX (NYSE:BOX) had its target price cut by JPMorgan Chase & Co. from $38.00 to $37.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Several other research analysts have also issued reports on the stock. StockNews.com lowered shares of BOX from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. DA Davidson assumed coverage on shares of BOX in a research report on Wednesday, December 18th. They issued a “buy” rating and a $45.00 target price for the company. William Blair reiterated an “outperform” rating on shares of BOX in a research report on Thursday, November 14th. Morgan Stanley boosted their price target on shares of BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Finally, Citigroup boosted their price target on shares of BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.60.

BOX Stock Performance

Shares of NYSE:BOX opened at $32.44 on Wednesday. BOX has a 52-week low of $24.63 and a 52-week high of $35.74. The firm has a fifty day moving average of $32.82 and a 200 day moving average of $32.62. The firm has a market capitalization of $4.66 billion, a PE ratio of 40.54, a price-to-earnings-growth ratio of 4.42 and a beta of 0.88.

BOX declared that its board has initiated a share buyback program on Tuesday, March 4th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the software maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, COO Olivia Nottebohm sold 6,079 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $34.42, for a total value of $209,239.18. Following the completion of the transaction, the chief operating officer now directly owns 440,988 shares of the company’s stock, valued at $15,178,806.96. This represents a 1.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Dylan C. Smith sold 13,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $34.32, for a total transaction of $446,160.00. Following the completion of the transaction, the chief financial officer now directly owns 1,453,684 shares of the company’s stock, valued at approximately $49,890,434.88. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,041 shares of company stock valued at $2,889,758 over the last three months. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On BOX

Several large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC lifted its holdings in shares of BOX by 5.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 7,807 shares of the software maker’s stock valued at $247,000 after purchasing an additional 391 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of BOX by 19.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,579 shares of the software maker’s stock valued at $81,000 after purchasing an additional 417 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of BOX by 1.2% during the fourth quarter. Sanctuary Advisors LLC now owns 35,775 shares of the software maker’s stock valued at $1,189,000 after purchasing an additional 423 shares during the last quarter. Aspiriant LLC lifted its holdings in shares of BOX by 5.0% during the fourth quarter. Aspiriant LLC now owns 9,048 shares of the software maker’s stock valued at $286,000 after purchasing an additional 427 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of BOX by 2.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,340 shares of the software maker’s stock valued at $548,000 after purchasing an additional 442 shares during the last quarter. 86.74% of the stock is currently owned by hedge funds and other 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.