Envestnet Asset Management Inc. Reduces Stock Holdings in Box, Inc. (NYSE:BOX)

Envestnet Asset Management Inc. reduced its holdings in shares of Box, Inc. (NYSE:BOX) by 0.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 368,055 shares of the software maker’s stock after selling 3,182 shares during the quarter. Envestnet Asset Management Inc.’s holdings in BOX were worth $11,631,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its holdings in shares of BOX by 715.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,162 shares of the software maker’s stock worth $69,000 after purchasing an additional 1,897 shares during the period. Farther Finance Advisors LLC grew its stake 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 purchasing an additional 417 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of BOX during the 4th quarter valued at about $132,000. Plato Investment Management Ltd bought a new position in shares of BOX in the 4th quarter worth about $134,000. Finally, KBC Group NV boosted its holdings in BOX by 35.7% in the fourth quarter. KBC Group NV now owns 5,403 shares of the software maker’s stock worth $171,000 after acquiring an additional 1,420 shares in the last quarter. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

BOX Trading Down 0.4 %

NYSE BOX opened at $29.65 on Friday. The stock has a market cap of $4.26 billion, a PE ratio of 37.06, a PEG ratio of 4.42 and a beta of 0.96. Box, Inc. has a 12 month low of $24.63 and a 12 month high of $35.74. The company’s 50-day moving average price is $31.74 and its 200-day moving average price is $32.34.

BOX declared that its Board of Directors has initiated a share buyback program on Tuesday, March 4th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the software maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, COO Olivia Nottebohm sold 1,332 shares of BOX stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $29.01, for a total transaction of $38,641.32. Following the transaction, the chief operating officer now directly owns 492,545 shares of the company’s stock, valued at $14,288,730.45. This trade represents a 0.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Dylan C. Smith sold 13,000 shares of the 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 sale, the chief financial officer now directly owns 1,453,684 shares of the company’s stock, 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. Insiders have sold 72,996 shares of company stock worth $2,329,886 in the last three months. Corporate insiders own 4.10% of the company’s stock.

BOX 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.