BOX (NYSE:BOX) to Repurchase $150.00 million in Shares

BOX (NYSE:BOX) declared that its board has authorized a share buyback program on Tuesday, March 4th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the software maker to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

BOX has been the topic of a number of recent analyst reports. UBS Group increased their price target on shares of BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Citigroup increased 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. DA Davidson initiated coverage on shares of BOX in a research note on Wednesday, December 18th. They set a “buy” rating and a $45.00 price target on the stock. Royal Bank of Canada reaffirmed an “underperform” rating and set a $21.00 price target on shares of BOX in a research note on Wednesday, December 4th. Finally, Morgan Stanley increased 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.89.

BOX Price Performance

BOX stock traded up $0.87 during midday trading on Tuesday, hitting $33.63. 4,653,528 shares of the stock were exchanged, compared to its average volume of 1,934,980. BOX has a 1 year low of $24.63 and a 1 year high of $35.74. The firm has a market cap of $4.83 billion, a P/E ratio of 42.03, a P/E/G ratio of 4.42 and a beta of 0.88. The company has a 50 day moving average price of $32.81 and a two-hundred day moving average price of $32.62.

BOX (NYSE:BOX) last released its quarterly earnings results on Tuesday, March 4th. The software maker reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.37). BOX had a negative return on equity of 17.20% and a net margin of 13.96%. As a group, analysts predict that BOX will post 0.27 EPS for the current year.

Insider Transactions at BOX

In other news, CFO Dylan C. Smith sold 13,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $34.32, for a total value of $446,160.00. Following the completion of the sale, the chief financial officer now 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Eli Berkovitch sold 4,791 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $31.06, for a total transaction of $148,808.46. Following the completion of the sale, the vice president now directly owns 132,741 shares of the company’s stock, valued at $4,122,935.46. The trade was a 3.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,041 shares of company stock valued at $2,889,758. Insiders own 4.10% 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.