BOX (NYSE:BOX) Price Target Raised to $40.00 at Citigroup

BOX (NYSE:BOX) had its price target hoisted by investment analysts at Citigroup from $34.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Citigroup’s price objective indicates a potential upside of 25.47% from the company’s previous close.

A number of other equities analysts have also recently issued reports on BOX. Monness Crespi & Hardt upgraded BOX to a “hold” rating in a report on Friday, August 16th. William Blair reiterated an “outperform” rating on shares of BOX in a report on Thursday, November 14th. Royal Bank of Canada restated an “underperform” rating and issued a $21.00 target price on shares of BOX in a report on Wednesday, August 28th. UBS Group boosted their price objective on BOX from $34.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley increased their price objective on BOX from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, BOX presently has an average rating of “Moderate Buy” and an average target price of $33.11.

BOX Price Performance

Shares of BOX traded down $2.54 during trading hours on Wednesday, hitting $31.88. 2,289,551 shares of the stock were exchanged, compared to its average volume of 1,993,420. The firm has a market capitalization of $4.57 billion, a P/E ratio of 40.23 and a beta of 0.86. The business has a 50-day moving average of $33.07 and a 200-day moving average of $29.84. BOX has a fifty-two week low of $23.29 and a fifty-two week high of $35.74.

Insiders Place Their Bets

In other news, Director Jack R. Lazar sold 2,500 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $34.75, for a total transaction of $86,875.00. Following the completion of the transaction, the director now owns 26,697 shares in the company, valued at approximately $927,720.75. This represents a 8.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dylan C. Smith sold 13,000 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $32.52, for a total value of $422,760.00. Following the completion of the sale, the chief financial officer now owns 1,474,509 shares in the company, valued at $47,951,032.68. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,500 shares of company stock valued at $1,711,135. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On BOX

Institutional investors have recently made changes to their positions in the stock. Congress Asset Management Co. purchased a new stake in BOX during the 3rd quarter worth about $46,236,000. Earnest Partners LLC raised its position in shares of BOX by 8.5% in the second quarter. Earnest Partners LLC now owns 7,960,924 shares of the software maker’s stock worth $210,487,000 after buying an additional 620,450 shares in the last quarter. Dimensional Fund Advisors LP grew its position in BOX by 9.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,564,668 shares of the software maker’s stock worth $67,809,000 after buying an additional 229,314 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of BOX by 143.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 254,975 shares of the software maker’s stock valued at $6,742,000 after acquiring an additional 150,309 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of BOX by 10.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,371,815 shares of the software maker’s stock worth $44,900,000 after purchasing an additional 134,175 shares in the last quarter. Hedge funds and other institutional investors own 86.74% of the company’s stock.

About BOX

Box, Inc provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device. The company's Software-as-a-Service platform enables users to work with their content as they need from secure external collaboration and sharing, workspaces and portals, e-signature processes, and content workflows improving employee productivity and accelerating business processes.