BOX (NYSE:BOX) Board of Directors Announces Stock Buyback Program

BOX (NYSE:BOX) declared that its board has approved a stock 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 reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. StockNews.com downgraded shares of BOX from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. William Blair restated an “outperform” rating on shares of BOX in a research note on Thursday, November 14th. UBS Group upped their price objective on shares of BOX from $34.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Citigroup upped their price objective on shares of BOX from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, DA Davidson initiated coverage on shares of BOX in a report on Wednesday, December 18th. They issued a “buy” rating and a $45.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, BOX presently has a consensus rating of “Moderate Buy” and an average price target of $35.89.

BOX Stock Up 2.6 %

NYSE BOX traded up $0.87 during trading hours on Tuesday, hitting $33.63. 4,653,528 shares of the stock were exchanged, compared to its average volume of 1,934,980. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 42.03, a price-to-earnings-growth ratio of 4.42 and a beta of 0.88. BOX has a 12-month low of $24.63 and a 12-month high of $35.74. The stock has a 50-day moving average of $32.81 and a 200 day moving average of $32.62.

BOX (NYSE:BOX) last issued its earnings results on Tuesday, March 4th. The software maker reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.37). BOX had a net margin of 13.96% and a negative return on equity of 17.20%. On average, equities research analysts expect that BOX will post 0.27 earnings per share for the current year.

Insider Buying and Selling at BOX

In other news, CFO Dylan C. Smith sold 13,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $31.05, for a total value of $403,650.00. Following the sale, the chief financial officer now directly owns 1,466,684 shares in the company, valued at $45,540,538.20. This represents a 0.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Olivia Nottebohm sold 6,079 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $34.42, for a total transaction of $209,239.18. Following the completion of the sale, the chief operating officer now owns 440,988 shares in the company, valued at $15,178,806.96. This represents a 1.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,041 shares of company stock valued at $2,889,758. Corporate 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.