BOX (NYSE:BOX) Declares Stock Buyback Plan

BOX (NYSE:BOX) announced that its Board of Directors has approved a share buyback plan on Thursday, March 19th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. UBS Group reduced their price objective on shares of BOX from $31.00 to $28.00 and set a “hold” rating on the stock in a report on Wednesday, March 4th. DA Davidson restated a “buy” rating and issued a $45.00 price target on shares of BOX in a research note on Friday. Morgan Stanley decreased their price target on BOX from $38.00 to $33.00 and set an “equal weight” rating for the company in a report on Thursday, March 12th. Citigroup lowered their price objective on BOX from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of BOX in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.57.

BOX Price Performance

Shares of NYSE:BOX opened at $24.65 on Friday. The firm has a market capitalization of $3.53 billion, a P/E ratio of 41.77, a P/E/G ratio of 1.26 and a beta of 0.80. BOX has a 12 month low of $21.61 and a 12 month high of $38.80. The company’s fifty day moving average price is $24.85 and its 200 day moving average price is $29.14.

BOX (NYSE:BOX) last posted its quarterly earnings data on Tuesday, March 3rd. The software maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $305.64 million. During the same quarter in the prior year, the company posted $0.42 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts anticipate that BOX will post 0.27 EPS for the current year.

Insiders Place Their Bets

In other news, COO Olivia Nottebohm sold 4,612 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $11,993,345.82. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dylan C. Smith sold 17,000 shares of the stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $29.57, for a total value of $502,690.00. Following the completion of the sale, the chief financial officer owned 1,328,195 shares of the company’s stock, valued at approximately $39,274,726.15. This trade represents a 1.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 79,836 shares of company stock worth $2,091,096 over the last quarter. 3.90% of the stock is owned by corporate insiders.

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.