BOX (NYSE:BOX) Posts Earnings Results, Beats Expectations By $0.01 EPS

BOX (NYSE:BOX) posted its earnings results on Tuesday. The software maker reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01, FiscalAI reports. BOX had a net margin of 9.80% and a negative return on equity of 23.61%. The firm had revenue of $305.94 million for the quarter, compared to the consensus estimate of $304.39 million.

BOX Trading Down 1.0%

Shares of NYSE BOX traded down $0.26 during midday trading on Tuesday, hitting $25.64. The company’s stock had a trading volume of 4,863,017 shares, compared to its average volume of 2,534,215. The business’s 50 day moving average is $24.20 and its two-hundred day moving average is $26.49. BOX has a 12-month low of $21.34 and a 12-month high of $38.80. The firm has a market cap of $3.55 billion, a P/E ratio of 43.46, a price-to-earnings-growth ratio of 1.33 and a beta of 0.71.

Insider Transactions at BOX

In other news, VP Eli Berkovitch sold 24,500 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $23.85, for a total value of $584,325.00. Following the sale, the vice president directly owned 95,516 shares in the company, valued at approximately $2,278,056.60. This represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Olivia Nottebohm sold 12,470 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $25.17, for a total transaction of $313,869.90. Following the completion of the transaction, the chief operating officer owned 558,739 shares in the company, valued at approximately $14,063,460.63. The trade was a 2.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 137,086 shares of company stock valued at $3,345,852. Company insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new position in shares of BOX in the first quarter worth about $31,000. Employees Retirement System of Texas purchased a new stake in shares of BOX in the third quarter valued at approximately $35,000. CIBC Private Wealth Group LLC boosted its holdings in shares of BOX by 1,778.1% in the third quarter. CIBC Private Wealth Group LLC now owns 1,202 shares of the software maker’s stock valued at $39,000 after purchasing an additional 1,138 shares during the period. Toronto Dominion Bank purchased a new stake in shares of BOX in the fourth quarter valued at approximately $60,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of BOX by 1,995.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,263 shares of the software maker’s stock valued at $77,000 after purchasing an additional 2,155 shares during the period. 86.74% of the stock is currently owned by institutional investors.

BOX announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup dropped their target price on BOX from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Wall Street Zen cut BOX from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. UBS Group dropped their target price on BOX from $31.00 to $28.00 and set a “hold” rating for the company in a report on Wednesday, March 4th. Morgan Stanley dropped their target price on BOX from $38.00 to $33.00 and set an “equal weight” rating for the company in a report on Thursday, March 12th. Finally, William Blair reiterated a “market perform” rating on shares of BOX in a report on Monday, March 23rd. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, BOX presently has a consensus rating of “Hold” and an average target price of $35.57.

BOX Company Profile

Box, Inc is a leading provider of cloud content management and file sharing solutions designed to support enterprises in securely managing, accessing and collaborating on digital content from anywhere. The company offers a unified platform that enables organizations to store, share and automate workflows across various departments, enhancing productivity and ensuring governance over sensitive information. Box’s services are tailored to meet the needs of industries such as healthcare, financial services, government and media, where compliance and data security are paramount.

The core offerings of Box include its Content Cloud platform, which provides content collaboration, workflow automation, data classification and secure file sharing.