Wells Fargo & Company MN Buys 304,755 Shares of Box, Inc. (NYSE:BOX)

Wells Fargo & Company MN lifted its stake in shares of Box, Inc. (NYSE:BOX) by 22.9% in the fourth quarter, HoldingsChannel reports. The fund owned 1,633,647 shares of the software maker’s stock after acquiring an additional 304,755 shares during the period. Wells Fargo & Company MN’s holdings in BOX were worth $51,623,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Centiva Capital LP purchased a new position in BOX in the 3rd quarter worth approximately $304,000. Stifel Financial Corp lifted its holdings in BOX by 34.6% in the 3rd quarter. Stifel Financial Corp now owns 41,026 shares of the software maker’s stock worth $1,343,000 after purchasing an additional 10,542 shares in the last quarter. State Street Corp lifted its holdings in BOX by 1.2% in the 3rd quarter. State Street Corp now owns 5,623,032 shares of the software maker’s stock worth $184,042,000 after purchasing an additional 69,107 shares in the last quarter. MML Investors Services LLC purchased a new position in BOX in the 3rd quarter worth approximately $266,000. Finally, Geode Capital Management LLC lifted its holdings in BOX by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,249,823 shares of the software maker’s stock worth $106,387,000 after purchasing an additional 13,028 shares in the last quarter. 86.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BOX. DA Davidson reissued a “buy” rating and issued a $45.00 price target on shares of BOX in a report on Wednesday, March 19th. Raymond James reissued an “outperform” rating and issued a $38.00 price target (down from $40.00) on shares of BOX in a report on Wednesday, March 5th. 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. JPMorgan Chase & Co. decreased their price objective on BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Finally, Bank of America assumed coverage on BOX in a report on Thursday, December 12th. They set a “buy” rating and a $40.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.11.

BOX Stock Performance

NYSE:BOX opened at $30.22 on Thursday. The stock’s fifty day moving average is $32.24 and its 200 day moving average is $32.45. Box, Inc. has a fifty-two week low of $24.63 and a fifty-two week high of $35.74. The firm has a market capitalization of $4.35 billion, a PE ratio of 37.78, a PEG ratio of 4.42 and a beta of 0.96.

BOX declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 4th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at BOX

In related news, COO Olivia Nottebohm sold 6,079 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $31.91, for a total transaction of $193,980.89. Following the sale, the chief operating officer now owns 447,067 shares in the company, valued at approximately $14,265,907.97. This represents a 1.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Aaron Levie sold 10,000 shares of the company’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 transaction, the chief executive officer now directly owns 2,979,780 shares in the company, valued at $95,591,342.40. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,037 shares of company stock worth $2,414,639. 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.