Box (BOX) Stock Price Target Raised at Canaccord Genuity

Box Inc.  (BOX) had its price target raised to $21 from $20 at Canaccord Genuity which reiterated its "hold" rating.

Canaccord Genuity highlighted five deals done by Box with a single value greater than $500,000, which is up from two last year, according to the analyst note.

"The firm highlighted a half dozen wins including an important Department of Justice win," analysts at Canaccord Genuity added.

The company reported earnings results for the first quarter yesterday, reporting a loss of 28 cents per share on revenue of $65.6 million for the first quarter.

Both the top and bottom line surpassed Wall Street estimates. For more on their earnings beat, click here

The full-year revenue in 2015 is expected to be in the range of $286 to $290 million, compared to previous guidance of $281 to $285 million, the company noted. 

Box, based in Los Altos, Calif., is a provider of a cloud platform engaged in storing, sharing and managing various company files with services including secure file sharing, professional services and file synchronization.

Shares of Box are soaring 6.30% to $18.91 in afternoon trading Thursday.

BOX Chart BOX data by YCharts

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