Box Inc. shares reached a 52-week high of $34.23 on Wednesday, extending gains after UBS increased its price target to $37 from $29 while maintaining a Neutral rating. The stock last traded at $34.20, up 1.7% on the day.
The company’s shares have advanced 38% over the past six months, with a year-to-date gain of 10.3% and a 5.91% increase over the past year. Box reported fiscal second-quarter revenue of $321.1 million, exceeding Wall Street’s estimate of $319.33 million. Adjusted earnings per share came in at $0.40, in line with forecasts.
UBS highlighted Box’s gross profit margin of 79.6% and noted a revenue acceleration to 11% in constant currency, up from 7% a year earlier. Billings grew by 16% in constant currency. The firm also raised its full-year outlook for the cloud storage provider.
InvestingPro data suggested Box may be undervalued at current levels, offering 15 additional financial health metrics and valuation insights. The stock closed at $33.47 on August 24, with pre-market trading at $33.59.
