Box Inc Received its Third Buy in a Row

By Austin Angelo

After JMP Securities and Drexel Hamilton assigned a Buy rating to Box Inc in the last month, the company received another Buy, this time from Oppenheimer. Analyst Ittai Kidron reiterated a Buy rating on Box Inc (NYSE: BOX) today and set a price target of $18. The company’s shares closed yesterday at $15.22.

Kidron said:

“Box delivered a strong 3QFY17 ahead of consensus lifted by broad-based demand (new products, IBM channel, international sales, large deals) and lower than expected infrastructure costs. We’re encouraged by the results/outlook and continue to believe that IBM and Box’s various newer products (Governance, KeySafe, Zones, Shuttle, etc.) provides a solid base for growth with room for upside. Newer relationships with Google, Facebook and Salesforce and strong developer support (>89,000) is also strengthening Box’s overall eco-system and we believe reinforces Box’s position within the enterprise as it expands its focus to include Box Platform, collaboration (Notes), workflow (Relay with IBM), and content management (combining to create the “all new Box”). We remain buyers and are positive on FY18 expansion opportunities.”

According to TipRanks.com, Kidron is a 2-star analyst with an average return of -0.1% and a 52.4% success rate. Kidron covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Advanced Micro Devices, and Riverbed Technology.

Currently, the analyst consensus on Box Inc is Strong Buy and the average price target is $17.75, representing a 16.6% upside.

In a report issued on November 21, JMP Securities also reiterated a Buy rating on the stock.

The company has a one year high of $16.59 and a one year low of $8.82. Currently, Box Inc has an average volume of 1.11M.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is neutral on the stock. Most recently, in September 2016, Mannie Jeff, the VP Controller & Chief Acct Ofr of BOX sold 3,756 shares for a total of $55,101.

Box, Inc. provides an enterprise content platform that enables organizations to securely manage enterprise content while allowing easy, secure 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. It enables people to securely view, share and collaborate on content, across multiple file formats and media types, integrates with enterprise business applications, and is compatible with multiple application environments, operating systems and devices, ensuring that workers have access to their critical business content whenever and wherever they need it. The company was founded by Aaron Levie, Dylan Smith, Jeff Queisser and Sam Ghods in March 2005 and is headquartered in Redwood City, CA.