BOX (NYSE:BOX) to Repurchase $500.00 million in Stock
by Kim Johansen · The Markets DailyBOX (NYSE:BOX – Get Free Report) declared that its Board of Directors has approved a share repurchase program on Thursday, March 19th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization allows the software maker to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
BOX has been the topic of a number of research reports. Morgan Stanley reduced their target price on shares of BOX from $38.00 to $33.00 and set an “equal weight” rating on the stock in a report on Thursday, March 12th. DA Davidson reaffirmed a “buy” rating and issued a $45.00 price target on shares of BOX in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of BOX in a research report on Monday, December 29th. UBS Group reduced their price objective on BOX from $31.00 to $28.00 and set a “hold” rating on the stock in a research note on Wednesday, March 4th. Finally, Citigroup decreased their price objective on BOX from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $35.57.
View Our Latest Stock Report on BOX
BOX Price Performance
Shares of BOX stock traded down $0.79 during trading on Thursday, hitting $23.85. The stock had a trading volume of 1,811,285 shares, compared to its average volume of 2,670,806. The firm’s fifty day simple moving average is $24.95 and its 200-day simple moving average is $29.21. The stock has a market cap of $3.42 billion, a PE ratio of 40.42, a PEG ratio of 1.27 and a beta of 0.80. BOX has a 12 month low of $21.61 and a 12 month high of $38.80.
BOX (NYSE:BOX – Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The software maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.33 by $0.16. BOX had a net margin of 9.80% and a negative return on equity of 23.61%. The company had revenue of $305.88 million for the quarter, compared to the consensus estimate of $305.64 million. During the same period in the prior year, the firm posted $0.42 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. Analysts expect that BOX will post 0.27 earnings per share for the current fiscal year.
Insider Buying and Selling at BOX
In other news, CFO Dylan C. Smith sold 17,000 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $29.57, for a total transaction of $502,690.00. Following the transaction, the chief financial officer owned 1,328,195 shares of the company’s stock, valued at approximately $39,274,726.15. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Olivia Nottebohm sold 4,612 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $25.78, for a total value of $118,897.36. Following the completion of the sale, the chief operating officer owned 465,219 shares in the company, valued at approximately $11,993,345.82. The trade was a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 79,836 shares of company stock worth $2,091,096 over the last 90 days. Company insiders own 3.90% of the company’s stock.
About BOX
Box, Inc is a leading provider of cloud content management and file sharing solutions designed to support enterprises in securely managing, accessing and collaborating on digital content from anywhere. The company offers a unified platform that enables organizations to store, share and automate workflows across various departments, enhancing productivity and ensuring governance over sensitive information. Box’s services are tailored to meet the needs of industries such as healthcare, financial services, government and media, where compliance and data security are paramount.
The core offerings of Box include its Content Cloud platform, which provides content collaboration, workflow automation, data classification and secure file sharing.