BOX (NYSE:BOX) Releases FY23 Earnings Guidance

Posted by on May 26th, 2022

BOX (NYSE:BOX – Get Rating) updated its FY23 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.11-$1.15 for the period, compared to the consensus earnings per share estimate of $1.13. The company issued revenue guidance of $992-$996 million, compared to the consensus revenue estimate of $993.36 million.BOX also updated its FY 2023 guidance to $1.11-$1.15 EPS.

BOX has been the subject of a number of research reports. Craig Hallum raised their target price on BOX from $38.00 to $44.00 in a research note on Thursday, March 3rd. KeyCorp lifted their price objective on BOX from $30.00 to $32.00 and gave the company an overweight rating in a report on Thursday, March 3rd. Oppenheimer restated an outperform rating and issued a $30.00 target price on shares of BOX in a research note on Friday, March 18th. JPMorgan Chase & Co. raised shares of BOX from an underweight rating to a neutral rating and raised their target price for the company from $22.00 to $28.00 in a research note on Thursday, March 3rd. Finally, StockNews.com began coverage on shares of BOX in a research note on Thursday, March 31st. They set a strong-buy rating for the company. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $31.40.

Shares of NYSE BOX traded up $0.62 during midday trading on Wednesday, reaching $26.06. The company’s stock had a trading volume of 2,311,070 shares, compared to its average volume of 1,808,515. BOX has a 12-month low of $22.18 and a 12-month high of $33.04. The firm has a 50 day moving average price of $29.25 and a 200-day moving average price of $27.01. The stock has a market capitalization of $3.74 billion, a P/E ratio of -74.46 and a beta of 1.15.

BOX (NYSE:BOX – Get Rating) last issued its earnings results on Wednesday, May 25th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $238.40 million for the quarter, compared to analyst estimates of $234.48 million. BOX’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) earnings per share. On average, equities analysts anticipate that BOX will post -0.12 EPS for the current fiscal year.

In other BOX news, CFO Dylan C. Smith sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, April 11th. The shares were sold at an average price of $28.62, for a total value of $429,300.00. Following the completion of the transaction, the chief financial officer now directly owns 1,477,315 shares in the company, valued at $42,280,755.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Eli Berkovitch sold 8,000 shares of the company’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $28.36, for a total transaction of $226,880.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,000 shares of company stock worth $1,091,930. 6.20% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted its holdings in BOX by 1,767.6% during the fourth quarter. Millennium Management LLC now owns 828,031 shares of the software maker’s stock worth $21,686,000 after buying an additional 783,695 shares during the period. Federated Hermes Inc. lifted its holdings in BOX by 213.1% during the first quarter. Federated Hermes Inc. now owns 968,632 shares of the software maker’s stock worth $28,148,000 after buying an additional 659,231 shares during the period. Renaissance Technologies LLC lifted its holdings in BOX by 187.3% during the first quarter. Renaissance Technologies LLC now owns 906,200 shares of the software maker’s stock worth $26,334,000 after buying an additional 590,800 shares during the period. Morgan Stanley lifted its holdings in BOX by 23.6% during the second quarter. Morgan Stanley now owns 2,615,252 shares of the software maker’s stock worth $66,819,000 after buying an additional 500,169 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in BOX by 21.6% during the fourth quarter. Allianz Asset Management GmbH now owns 2,088,072 shares of the software maker’s stock worth $54,686,000 after buying an additional 370,288 shares during the period. Hedge funds and other institutional investors own 87.42% of the company’s stock.

BOX Company Profile (Get Rating)

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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