BOX (NYSE:BOX) Sees Large Volume Increase – Here’s Why

Shares of Box, Inc. (NYSE:BOX) saw unusually-strong trading volume on Wednesday . Approximately 1,967,764 shares changed hands during trading, an increase of 3% from the previous session’s volume of 1,910,450 shares.The stock last traded at $32.27 and had previously closed at $30.17.

Wall Street Analysts Forecast Growth

BOX has been the subject of a number of recent research reports. Zacks Research downgraded shares of BOX from a “strong-buy” rating to a “hold” rating in a report on Friday, September 26th. Raymond James Financial reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of BOX in a research report on Wednesday, August 27th. Citigroup increased their target price on shares of BOX from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, August 27th. UBS Group downgraded shares of BOX from a “buy” rating to a “neutral” rating and lowered their target price for the company from $42.00 to $36.00 in a research note on Thursday, September 18th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $45.00 price target on shares of BOX in a report on Wednesday. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.25.

BOX Stock Performance

The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 25.62 and a beta of 0.79. The business’s 50 day moving average is $31.77 and its 200 day moving average is $32.74.

Insider Buying and Selling

In other news, COO Olivia Nottebohm sold 4,612 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $31.35, for a total value of $144,586.20. Following the transaction, the chief operating officer directly owned 497,639 shares of the company’s stock, valued at approximately $15,600,982.65. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Aaron Levie sold 15,000 shares of BOX stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $32.81, for a total value of $492,150.00. Following the sale, the chief executive officer directly owned 2,937,030 shares of the company’s stock, valued at $96,363,954.30. This trade represents a 0.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 122,336 shares of company stock worth $3,986,999 over the last three months. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On BOX

A number of institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd boosted its holdings in shares of BOX by 7,130.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 723 shares of the software maker’s stock valued at $25,000 after acquiring an additional 713 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in BOX during the first quarter valued at $31,000. Salomon & Ludwin LLC acquired a new position in BOX during the third quarter valued at $32,000. Employees Retirement System of Texas purchased a new stake in BOX in the third quarter valued at $35,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in BOX by 1,778.1% in the third quarter. CIBC Private Wealth Group LLC now owns 1,202 shares of the software maker’s stock valued at $39,000 after purchasing an additional 1,138 shares during the last quarter. 86.74% of the stock is owned by hedge funds and other institutional investors.

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.