Norges Bank Invests $29.97 Million in Box, Inc. (NYSE:BOX)

Norges Bank acquired a new stake in shares of Box, Inc. (NYSE:BOX) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 948,526 shares of the software maker’s stock, valued at approximately $29,973,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BOX. Smartleaf Asset Management LLC lifted its stake in shares of BOX by 715.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker’s stock valued at $69,000 after buying an additional 1,897 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of BOX by 19.3% in the fourth quarter. Farther Finance Advisors LLC now owns 2,579 shares of the software maker’s stock worth $81,000 after acquiring an additional 417 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of BOX in the fourth quarter valued at $132,000. Plato Investment Management Ltd purchased a new stake in BOX during the 4th quarter worth about $134,000. Finally, KBC Group NV boosted its stake in BOX by 35.7% in the 4th quarter. KBC Group NV now owns 5,403 shares of the software maker’s stock worth $171,000 after purchasing an additional 1,420 shares during the period. Institutional investors own 86.74% of the company’s stock.

Analyst Ratings Changes

BOX has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their price target on BOX from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. DA Davidson reiterated a “buy” rating and issued a $45.00 target price on shares of BOX in a research note on Wednesday, March 19th. Royal Bank of Canada restated an “underperform” rating and set a $21.00 price target on shares of BOX in a research report on Wednesday, March 19th. Raymond James reiterated an “outperform” rating and issued a $38.00 price objective (down previously from $40.00) on shares of BOX in a research report on Wednesday, March 5th. Finally, StockNews.com cut BOX from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.11.

Insider Buying and Selling

In other news, VP Eli Berkovitch sold 5,651 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $30.66, for a total value of $173,259.66. Following the completion of the sale, the vice president now owns 124,672 shares of the company’s stock, valued at approximately $3,822,443.52. The trade was a 4.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Olivia Nottebohm sold 6,079 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $31.91, for a total value of $193,980.89. Following the sale, the chief operating officer now directly owns 447,067 shares of the company’s stock, valued at approximately $14,265,907.97. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,705 shares of company stock worth $2,375,998 in the last quarter. 4.10% of the stock is owned by insiders.

BOX Stock Down 4.1 %

Shares of BOX stock opened at $29.82 on Monday. The firm has a market cap of $4.29 billion, a P/E ratio of 37.28, a price-to-earnings-growth ratio of 4.42 and a beta of 0.96. The business has a 50-day moving average price of $32.63 and a two-hundred day moving average price of $32.57. Box, Inc. has a 12-month low of $24.63 and a 12-month high of $35.74.

BOX announced that its Board of Directors has approved a share 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership 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.