Stock Buyback Plan Authorized by BOX (NYSE:BOX)

BOX (NYSE:BOX) announced that its board has authorized a share buyback program on Tuesday, March 4th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization allows the software maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have commented on BOX. Bank of America began coverage on BOX in a research report on Thursday, December 12th. They set a “buy” rating and a $40.00 price target for the company. UBS Group lifted their price target on BOX from $34.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price target on BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 4th. Citigroup boosted their price objective on BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $21.00 price objective on shares of BOX in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.60.

BOX Trading Down 0.7 %

BOX stock opened at $32.17 on Friday. The firm has a 50 day moving average of $32.82 and a 200-day moving average of $32.62. BOX has a 12-month low of $24.63 and a 12-month high of $35.74. The company has a market cap of $4.62 billion, a price-to-earnings ratio of 40.21, a PEG ratio of 4.42 and a beta of 0.88.

Insider Buying and Selling

In other news, CEO Aaron Levie sold 10,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $32.54, for a total transaction of $325,400.00. Following the completion of the sale, the chief executive officer now directly owns 2,999,155 shares of the company’s stock, valued at $97,592,503.70. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel J. Levin sold 5,886 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $32.50, for a total transaction of $191,295.00. Following the sale, the director now directly owns 51,530 shares of the company’s stock, valued at approximately $1,674,725. This trade represents a 10.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,041 shares of company stock worth $2,889,758 in the last ninety days. Insiders own 4.10% of the company’s stock.

About BOX

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.