KLP Kapitalforvaltning AS Takes $1.99 Million Position in Box, Inc. (NYSE:BOX)

KLP Kapitalforvaltning AS bought a new position in shares of Box, Inc. (NYSE:BOX) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 63,000 shares of the software maker’s stock, valued at approximately $1,991,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BOX. State Street Corp grew its position in shares of BOX by 1.2% in the 3rd quarter. State Street Corp now owns 5,623,032 shares of the software maker’s stock valued at $184,042,000 after acquiring an additional 69,107 shares during the period. Sei Investments Co. grew its holdings in BOX by 8.4% during the fourth quarter. Sei Investments Co. now owns 3,286,619 shares of the software maker’s stock worth $103,857,000 after purchasing an additional 255,623 shares during the period. Geode Capital Management LLC increased its position in BOX by 0.4% during the third quarter. Geode Capital Management LLC now owns 3,249,823 shares of the software maker’s stock worth $106,387,000 after buying an additional 13,028 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in BOX by 1.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,425,176 shares of the software maker’s stock valued at $79,376,000 after buying an additional 44,190 shares during the period. Finally, Congress Asset Management Co. lifted its position in shares of BOX by 17.5% in the fourth quarter. Congress Asset Management Co. now owns 1,659,646 shares of the software maker’s stock valued at $52,445,000 after buying an additional 246,993 shares during the last quarter. 86.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BOX shares. Citigroup boosted their target price on BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. dropped their price objective on shares of BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. StockNews.com cut shares of BOX from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. UBS Group upped their price target 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. Finally, DA Davidson restated a “buy” rating and set a $45.00 price objective on shares of BOX in a research report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.11.

BOX Price Performance

Shares of NYSE BOX opened at $31.61 on Friday. The stock has a market capitalization of $4.55 billion, a PE ratio of 39.52, a P/E/G ratio of 4.42 and a beta of 1.00. Box, Inc. has a fifty-two week low of $24.63 and a fifty-two week high of $35.74. The business has a fifty day moving average price of $32.70 and a two-hundred day moving average price of $32.66.

BOX announced that its board has authorized a share repurchase plan on Tuesday, March 4th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the software maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other BOX news, CFO Dylan C. Smith sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $31.05, for a total transaction of $403,650.00. Following the completion of the transaction, the chief financial officer now directly owns 1,466,684 shares in the company, valued at $45,540,538.20. The trade was a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Aaron Levie sold 10,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $32.08, for a total value of $320,800.00. Following the completion of the sale, the chief executive officer now directly owns 2,979,780 shares in the company, valued at approximately $95,591,342.40. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,705 shares of company stock valued at $2,375,998 over the last quarter. 4.10% of the stock is owned by company insiders.

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.