Box CEO Sells 15K Shares for $513K Following 52-Week High

After the sale, Levie directly owns 2,859,673 shares including restricted stock units. Box shares have delivered a 4% return over the past year.

Box provides a cloud based Software as a Service platform for enterprise content management. Its customers include companies in financial services, healthcare, manufacturing, and media.

The company reported $1.2 billion in trailing 12 month revenue and $130.7 million in net income. Box has a market capitalisation of about $4.7 billion.

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Box CEO Aaron Levie sold company shares on September 10 at a weighted average price of $34.24. The sale came shortly after Box shares reached a 52-week high of $36.34 in late August. The transaction was made under a pre-established Rule 10b5-1 plan, so it was not a market-timed decision.

After the sale, Levie still directly owns about 2.9 million shares, keeping a significant stake in the company.

Box shares rose after the company reported strong fiscal second-quarter results for the period ended July 31. Revenue reached a record $321.1 million, up 9% from a year earlier. For the third quarter, Box expects revenue to grow 9% year-over-year to about $329 million.

Box is using artificial intelligence to support its growth and has partnered with companies such as OpenAI. It is also integrating with ChatGPT to help customers get useful insights from the large amount of business information stored on its platform.

However, Box was not included in The Motley Fool Stock Advisor team’s list of its 10 best stocks to buy now. The team believes the selected companies have strong long-term growth potential.

The Motley Fool highlighted past picks such as Netflix and Nvidia, noting the large returns those investments could have generated based on their historical recommendations.

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