Shares of Dropbox, Inc. (NASDAQ:DBX – Get Free Report) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $35.27 and traded as low as $34.72. Dropbox shares last traded at $34.96, with a volume of 3,291,912 shares traded.
Analyst Upgrades and Downgrades
Several research firms have commented on DBX. Bank of America reissued an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings raised Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Finally, Citigroup lowered Dropbox from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $33.00 to $29.00 in a report on Thursday, September 24th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $31.60.
View Our Latest Stock Analysis on DBX
Dropbox Stock Performance
The company has a market capitalization of $7.89 billion, a P/E ratio of 19.42, a PEG ratio of 3.52 and a beta of 0.62. The stock has a 50 day moving average price of $35.27 and a 200 day moving average price of $29.11.
Dropbox (NASDAQ:DBX – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. The company had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.71 earnings per share. As a group, sell-side analysts expect that Dropbox, Inc. will post 1.94 earnings per share for the current year.
Insider Activity
In related news, CEO Ashraf Alkarmi sold 28,800 shares of Dropbox stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $35.54, for a total value of $1,023,552.00. Following the sale, the chief executive officer owned 1,004,081 shares of the company’s stock, valued at approximately $35,685,038.74. The trade was a 2.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Houston sold 383,800 shares of Dropbox stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $35.02, for a total transaction of $13,440,676.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 947,468 shares of company stock worth $32,809,905. 35.48% of the stock is owned by insiders.
Institutional Trading of Dropbox
Large investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Dropbox by 12.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after buying an additional 960,109 shares during the period. Wedge Capital Management L L P NC lifted its position in shares of Dropbox by 26.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock valued at $82,552,000 after buying an additional 627,111 shares during the last quarter. Corient Private Wealth LP lifted its position in shares of Dropbox by 358.4% during the 2nd quarter. Corient Private Wealth LP now owns 244,482 shares of the company’s stock valued at $6,716,000 after buying an additional 191,147 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Dropbox during the 2nd quarter worth $4,938,000. Finally, WINTON GROUP Ltd bought a new position in shares of Dropbox during the 2nd quarter worth $4,427,000. 94.84% of the stock is owned by hedge funds and other institutional investors.
About Dropbox
Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access documents, photos and other content across connected devices, synchronize files and manage shared workflows.
The company’s offerings include Dropbox for cloud storage and file collaboration, Dropbox Paper for shared documents and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.
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