BOX (NYSE:BOX – Get Rating) issued an update on its third quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.29-$0.30 for the period, compared to the consensus estimate of $0.30. The company issued revenue guidance of $250.00 million-$252.00 million, compared to the consensus revenue estimate of $251.43 million. BOX also updated its FY 2023 guidance to $1.13-$1.16 EPS.
BOX Stock Down 0.3 %
NYSE:BOX opened at $25.64 on Tuesday. The company has a market cap of $3.69 billion, a P/E ratio of -98.62 and a beta of 1.16. BOX has a fifty-two week low of $22.18 and a fifty-two week high of $33.04. The firm’s 50 day moving average is $28.01 and its two-hundred day moving average is $27.73.
BOX (NYSE:BOX – Get Rating) last released its quarterly earnings results on Wednesday, August 24th. The software maker reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The business had revenue of $246.00 million during the quarter, compared to analyst estimates of $245.77 million. During the same quarter last year, the firm posted ($0.06) EPS. The company’s revenue was up 14.7% compared to the same quarter last year. Research analysts forecast that BOX will post -0.15 earnings per share for the current fiscal year.
Analysts Set New Price Targets
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Several brokerages have issued reports on BOX. Raymond James upped their price objective on BOX from $30.00 to $35.00 in a research note on Thursday, August 25th. StockNews.com upgraded BOX from a buy rating to a strong-buy rating in a research report on Thursday, September 1st. Citigroup began coverage on BOX in a research report on Thursday, September 1st. They set a buy rating and a $34.00 price target on the stock. Finally, Craig Hallum dropped their price target on BOX to $41.00 in a research report on Thursday, May 26th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $32.30.
Insider Activity
In other news, CFO Dylan C. Smith sold 13,000 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $26.45, for a total transaction of $343,850.00. Following the completion of the sale, the chief financial officer now owns 1,395,137 shares in the company, valued at approximately $36,901,373.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other BOX news, CFO Dylan C. Smith sold 15,000 shares of BOX stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $25.65, for a total transaction of $384,750.00. Following the transaction, the chief financial officer now owns 1,447,315 shares of the company’s stock, valued at approximately $37,123,629.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Dylan C. Smith sold 13,000 shares of BOX stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $26.45, for a total value of $343,850.00. Following the transaction, the chief financial officer now directly owns 1,395,137 shares in the company, valued at approximately $36,901,373.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,000 shares of company stock worth $1,124,970. Insiders own 5.20% of the company’s stock.
Hedge Funds Weigh In On BOX
Several institutional investors and hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors grew its stake in BOX by 4.4% during the 2nd quarter. Captrust Financial Advisors now owns 39,593 shares of the software maker’s stock valued at $995,000 after acquiring an additional 1,674 shares in the last quarter. Legal & General Group Plc grew its stake in shares of BOX by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 129,675 shares of the software maker’s stock valued at $3,260,000 after buying an additional 705 shares in the last quarter. Woodline Partners LP bought a new stake in shares of BOX in the 2nd quarter valued at approximately $531,000. Prudential Financial Inc. grew its stake in shares of BOX by 490.3% in the 2nd quarter. Prudential Financial Inc. now owns 90,786 shares of the software maker’s stock valued at $2,283,000 after buying an additional 75,407 shares in the last quarter. Finally, Natixis Advisors L.P. grew its stake in shares of BOX by 36.2% in the 2nd quarter. Natixis Advisors L.P. now owns 30,705 shares of the software maker’s stock valued at $772,000 after buying an additional 8,165 shares in the last quarter. Hedge funds and other institutional investors own 86.00% of the company’s stock.
About BOX
Box, Inc provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device. The company’s Software-as-a-Service platform enables users to collaborate on content internally and with external parties, automate content-driven business processes, develop custom applications, and implement data protection, security, and compliance features to comply with legal and regulatory requirements, internal policies, and industry standards and regulations.
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