BOX (NYSE:BOX) Updates Q2 2023 Earnings Guidance

BOX (NYSE:BOXGet Rating) updated its second quarter 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.27-$0.28 for the period, compared to the consensus estimate of $0.27. The company issued revenue guidance of $244.00 million-$246.00 million, compared to the consensus revenue estimate of $243.74 million.BOX also updated its FY 2023 guidance to $1.11-$1.15 EPS.

A number of equities research analysts recently commented on the stock. StockNews.com assumed coverage on shares of BOX in a report on Thursday, March 31st. They set a strong-buy rating on the stock. KeyCorp raised their price objective on shares of BOX from $30.00 to $32.00 and gave the stock an overweight rating in a report on Thursday, March 3rd. JPMorgan Chase & Co. upgraded shares of BOX from an underweight rating to a neutral rating and raised their price objective for the stock from $22.00 to $28.00 in a report on Thursday, March 3rd. Morgan Stanley raised their price objective on shares of BOX from $30.00 to $32.00 and gave the stock an equal weight rating in a report on Thursday, March 3rd. Finally, Oppenheimer restated an outperform rating and set a $30.00 price objective on shares of BOX in a report on Friday, March 18th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $31.10.

Shares of BOX stock opened at $26.87 on Wednesday. The firm’s fifty day moving average price is $28.96 and its two-hundred day moving average price is $27.07. BOX has a 1 year low of $22.18 and a 1 year high of $33.04. The firm has a market capitalization of $3.85 billion, a P/E ratio of -83.97 and a beta of 1.16.

BOX (NYSE:BOXGet Rating) last announced its quarterly earnings data on Wednesday, May 25th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $238.40 million for the quarter, compared to the consensus estimate of $234.48 million. During the same period in the previous year, the business posted ($0.07) earnings per share. BOX’s revenue for the quarter was up 17.8% on a year-over-year basis. Equities analysts expect that BOX will post -0.13 earnings per share for the current fiscal year.

In related news, VP Eli Berkovitch sold 8,000 shares of BOX stock in a transaction dated Monday, March 28th. The shares were sold at an average price of $28.36, for a total transaction of $226,880.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dylan C. Smith sold 15,000 shares of BOX stock in a transaction dated Monday, April 11th. The stock was sold at an average price of $28.62, for a total transaction of $429,300.00. Following the sale, the chief financial officer now directly owns 1,477,315 shares of the company’s stock, valued at approximately $42,280,755.30. The disclosure for this sale can be found here. In the last three months, insiders sold 38,000 shares of company stock valued at $1,091,930. Insiders own 5.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in BOX. Fairfield Bush & CO. bought a new stake in shares of BOX during the 1st quarter worth about $29,000. Cambridge Investment Research Advisors Inc. bought a new stake in BOX in the 1st quarter valued at about $206,000. Prelude Capital Management LLC bought a new stake in BOX in the 1st quarter valued at about $284,000. Virtu Financial LLC bought a new stake in BOX in the 4th quarter valued at about $401,000. Finally, Mackenzie Financial Corp boosted its holdings in BOX by 8.9% in the 4th quarter. Mackenzie Financial Corp now owns 15,400 shares of the software maker’s stock valued at $403,000 after purchasing an additional 1,255 shares during the period. 87.42% of the stock is owned by institutional investors and hedge funds.

About BOX (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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