Bank of America Corp DE Has $109.68 Million Stock Position in Box, Inc. (NYSE:BOX)

Bank of America Corp DE lowered its position in Box, Inc. (NYSE:BOX) by 7.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,470,760 shares of the software maker’s stock after selling 296,070 shares during the period. Bank of America Corp DE’s holdings in BOX were worth $109,676,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership raised its position in shares of BOX by 103.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,386,370 shares of the software maker’s stock worth $107,009,000 after purchasing an additional 1,725,197 shares during the period. Norges Bank acquired a new stake in BOX during the 4th quarter worth approximately $29,973,000. Jupiter Asset Management Ltd. bought a new position in BOX in the fourth quarter valued at approximately $24,234,000. Fisher Asset Management LLC boosted its holdings in shares of BOX by 420.6% in the fourth quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker’s stock valued at $27,097,000 after buying an additional 692,784 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of BOX by 22.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,633,647 shares of the software maker’s stock worth $51,623,000 after acquiring an additional 304,755 shares in the last quarter. Institutional investors and hedge funds own 86.74% of the company’s stock.

BOX Stock Up 0.1 %

Shares of NYSE BOX opened at $31.41 on Friday. The business’s 50 day moving average price is $30.69 and its two-hundred day moving average price is $32.18. The company has a market cap of $4.52 billion, a PE ratio of 39.26, a price-to-earnings-growth ratio of 4.42 and a beta of 0.94. Box, Inc. has a twelve month low of $24.63 and a twelve month high of $35.74.

BOX announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 4th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the software maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. DA Davidson reduced their target price on shares of BOX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Raymond James reiterated an “outperform” rating and set a $38.00 price objective (down from $40.00) on shares of BOX in a report on Wednesday, March 5th. Royal Bank of Canada restated an “underperform” rating and issued a $21.00 target price on shares of BOX in a research note on Wednesday, March 19th. Morgan Stanley decreased their price target on shares of BOX from $36.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. cut 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, BOX presently has an average rating of “Moderate Buy” and an average target price of $36.44.

Insider Activity at BOX

In other news, COO Olivia Nottebohm sold 6,079 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was 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. The trade was a 1.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Eli Berkovitch sold 5,651 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $30.66, for a total value of $173,259.66. Following the transaction, the vice president now owns 124,672 shares in the company, valued at approximately $3,822,443.52. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,022 shares of company stock worth $2,198,045. Company insiders own 4.10% of the company’s stock.

About BOX

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.