Wells Fargo & Company MN Buys 3,369,948 Shares of Box, Inc. (BOX)
Wells Fargo & Company MN grew its stake in Box, Inc. (NYSE:BOX) by 3,627.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,462,849 shares of the software maker’s stock after buying an additional 3,369,948 shares during the period. Wells Fargo & Company MN owned 2.63% of Box worth $63,162,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in shares of Box by 843.7% in the second quarter. BNP Paribas Arbitrage SA now owns 9,786 shares of the software maker’s stock valued at $178,000 after buying an additional 8,749 shares during the period. Two Sigma Securities LLC acquired a new stake in shares of Box in the first quarter valued at about $177,000. Principal Financial Group Inc. acquired a new stake in shares of Box in the second quarter valued at about $199,000. Fortaleza Asset Management Inc. increased its stake in shares of Box by 86.1% in the second quarter. Fortaleza Asset Management Inc. now owns 11,615 shares of the software maker’s stock valued at $212,000 after buying an additional 5,375 shares during the period. Finally, Ballentine Partners LLC acquired a new stake in shares of Box in the second quarter valued at about $269,000. 57.81% of the stock is owned by institutional investors.
Several brokerages have recently weighed in on BOX. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $22.00 price target on shares of Box in a research note on Sunday, September 3rd. Rosenblatt Securities reissued a “buy” rating and issued a $25.00 price target on shares of Box in a research note on Friday, September 1st. Mitsubishi UFJ Financial Group raised Box to an “overweight” rating and increased their price target for the company from $23.00 to $24.00 in a research note on Thursday, August 31st. Drexel Hamilton reissued a “buy” rating and issued a $28.00 price target on shares of Box in a research note on Monday, August 28th. Finally, BidaskClub raised Box from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $22.52.
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In related news, SVP Peter M. Mcgoff sold 80,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $18.52, for a total transaction of $1,481,600.00. Following the transaction, the senior vice president now owns 286,135 shares in the company, valued at approximately $5,299,220.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rory O’driscoll sold 332,992 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $19.04, for a total value of $6,340,167.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,175,192 shares of company stock worth $22,105,842. 22.30% of the stock is owned by company insiders.
Shares of Box, Inc. (NYSE:BOX) opened at 18.46 on Friday. The company’s 50-day moving average price is $18.52 and its 200 day moving average price is $18.02. The firm’s market cap is $2.45 billion. Box, Inc. has a 1-year low of $13.56 and a 1-year high of $18.81.
Box (NYSE:BOX) last announced its quarterly earnings results on Wednesday, August 30th. The software maker reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Box had a negative return on equity of 232.81% and a negative net margin of 34.11%. The company had revenue of $122.94 million for the quarter, compared to the consensus estimate of $121.75 million. During the same quarter in the previous year, the business earned ($0.14) EPS. Box’s revenue was up 28.4% compared to the same quarter last year. On average, analysts predict that Box, Inc. will post ($0.45) EPS for the current year.
Box, Inc provides an enterprise content management platform that enables organizations of all sizes to manage enterprise content while allowing access and sharing of this content from anywhere, on any device. With the Company’s Software-as-a-Service (SaaS) cloud-based platform, users can collaborate on content both internally and with external parties, automate content-driven business processes, develop custom applications, and implement data protection, security and compliance features to comply with internal policies and industry regulations.
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