Aaron Levie Sells 10,000 Shares of Box, Inc. (NYSE:BOX) Stock

Box, Inc. (NYSE:BOX) CEO Aaron Levie sold 10,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $32.08, for a total value of $320,800.00. Following the sale, the chief executive officer now owns 2,979,780 shares of the company’s stock, valued at approximately $95,591,342.40. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

BOX Stock Down 1.5 %

NYSE BOX traded down $0.48 on Wednesday, reaching $30.93. The company had a trading volume of 1,859,638 shares, compared to its average volume of 1,879,400. The stock has a market capitalization of $4.44 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 4.42 and a beta of 1.00. Box, Inc. has a 12 month low of $24.63 and a 12 month high of $35.74. The firm’s 50 day moving average price is $32.83 and its 200 day moving average price is $32.75.

BOX announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 4th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Bank of America started coverage on shares of BOX in a research note on Thursday, December 12th. They issued a “buy” rating and a $40.00 price objective on the stock. William Blair reissued an “outperform” rating on shares of BOX in a report on Thursday, November 14th. Raymond James reaffirmed an “outperform” rating and issued a $38.00 price objective (down previously from $40.00) on shares of BOX in a research note on Wednesday, March 5th. Morgan Stanley increased their target price on shares of BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Finally, Citigroup upped their target price on shares of BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, BOX presently has an average rating of “Moderate Buy” and a consensus price target of $36.60.

Institutional Investors Weigh In On BOX

A number of hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new position in BOX during the 3rd quarter valued at approximately $36,000. Smartleaf Asset Management LLC boosted its position in shares of BOX by 715.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker’s stock valued at $69,000 after acquiring an additional 1,897 shares during the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of BOX by 42.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 2,194 shares of the software maker’s stock valued at $69,000 after purchasing an additional 653 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of BOX by 245.4% in the third quarter. Farther Finance Advisors LLC now owns 2,162 shares of the software maker’s stock valued at $71,000 after purchasing an additional 1,536 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in BOX in the fourth quarter worth $132,000. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

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.