Bank of America Corp DE Sells 296,070 Shares of Box, Inc. (NYSE:BOX)

Bank of America Corp DE trimmed its position in shares of Box, Inc. (NYSE:BOX) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,470,760 shares of the software maker’s stock after selling 296,070 shares during the period. Bank of America Corp DE owned approximately 2.42% of BOX worth $109,676,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AXA S.A. grew its stake in shares of BOX by 1,332.2% in the fourth quarter. AXA S.A. now owns 144,167 shares of the software maker’s stock worth $4,556,000 after acquiring an additional 134,101 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in BOX by 219.4% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 420,907 shares of the software maker’s stock worth $13,301,000 after purchasing an additional 289,112 shares during the last quarter. Freestone Grove Partners LP bought a new position in shares of BOX during the 4th quarter worth about $8,551,000. Comerica Bank raised its position in shares of BOX by 5.5% during the fourth quarter. Comerica Bank now owns 67,245 shares of the software maker’s stock valued at $2,125,000 after buying an additional 3,487 shares during the last quarter. Finally, Lido Advisors LLC lifted its stake in shares of BOX by 30.6% in the fourth quarter. Lido Advisors LLC now owns 8,360 shares of the software maker’s stock valued at $264,000 after buying an additional 1,960 shares during the period. 86.74% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, COO Olivia Nottebohm sold 1,332 shares of the firm’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $29.01, for a total value of $38,641.32. Following the transaction, the chief operating officer now owns 492,545 shares in the company, valued at $14,288,730.45. This trade represents a 0.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dylan C. Smith sold 13,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $34.32, for a total transaction of $446,160.00. Following the transaction, the chief financial officer now owns 1,453,684 shares in the company, valued at approximately $49,890,434.88. The trade was a 0.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 69,022 shares of company stock valued at $2,198,045. Insiders own 4.10% of the company’s stock.

BOX Stock Performance

Shares of BOX stock opened at $31.41 on Friday. The stock’s fifty day moving average is $30.69 and its 200-day moving average is $32.18. Box, Inc. has a 52 week low of $24.63 and a 52 week high of $35.74. The stock has a market capitalization of $4.52 billion, a PE ratio of 39.26, a PEG ratio of 4.42 and a beta of 0.94.

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

Wall Street Analyst Weigh In

Several research firms have commented on BOX. Morgan Stanley cut their price target on BOX from $36.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. DA Davidson cut their target price on BOX from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their price target on shares of BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Raymond James restated an “outperform” rating and issued a $38.00 price objective (down previously from $40.00) on shares of BOX in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and set a $21.00 price objective on shares of BOX in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.44.

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.