Connor Clark & Lunn Investment Management Ltd. Sells 29,569 Shares of Box, Inc. (NYSE:BOX)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Box, Inc. (NYSE:BOX) by 47.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,285 shares of the software maker’s stock after selling 29,569 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in BOX were worth $1,020,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BOX. Jupiter Asset Management Ltd. bought a new stake in shares of BOX during the fourth quarter worth $24,234,000. Fisher Asset Management LLC lifted its position in shares of BOX by 420.6% during the fourth quarter. Fisher Asset Management LLC now owns 857,498 shares of the software maker’s stock worth $27,097,000 after purchasing an additional 692,784 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of BOX during the fourth quarter worth $8,405,000. Congress Asset Management Co. lifted its position in shares of BOX by 17.5% during the fourth quarter. Congress Asset Management Co. now owns 1,659,646 shares of the software maker’s stock worth $52,445,000 after purchasing an additional 246,993 shares during the last quarter. Finally, Beacon Harbor Wealth Advisors Inc. bought a new stake in shares of BOX during the fourth quarter worth $5,997,000. 86.74% of the stock is currently owned by institutional investors.

Insider Transactions at BOX

In related news, CEO Aaron Levie sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $32.08, for a total value of $320,800.00. Following the sale, the chief executive officer now owns 2,979,780 shares in the company, valued at $95,591,342.40. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dylan C. Smith sold 13,000 shares of the company’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 value of $403,650.00. Following the completion of the sale, the chief financial officer now owns 1,466,684 shares in the company, valued at approximately $45,540,538.20. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,363 shares of company stock worth $2,533,374. Insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BOX. Citigroup lifted their target price on BOX from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. decreased their price objective on BOX from $38.00 to $37.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. UBS Group lifted their price objective on BOX from $34.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Raymond James restated an “outperform” rating and issued a $38.00 price objective (down from $40.00) on shares of BOX in a report on Wednesday, March 5th. Finally, Morgan Stanley lifted their price objective on BOX from $33.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, BOX has an average rating of “Moderate Buy” and an average price target of $37.11.

BOX Stock Performance

Shares of BOX stock opened at $30.24 on Friday. 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 price-to-earnings ratio of 37.81, a PEG ratio of 4.42 and a beta of 1.00. The stock’s 50-day simple moving average is $32.74 and its 200-day simple moving average is $32.72.

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

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.