Shares of Dropbox, Inc. (NASDAQ:DBX – Get Free Report) have received a consensus recommendation of “Reduce” from the nine brokerages that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $31.60.
A number of equities analysts recently issued reports on the stock. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Stephens started coverage on shares of Dropbox in a report on Tuesday. They issued an “equal weight” rating and a $39.00 target price for the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $42.00 target price on shares of Dropbox in a research note on Thursday, September 3rd. Finally, Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th.
Dropbox Price Performance
DBX opened at $34.96 on Wednesday. Dropbox has a one year low of $21.69 and a one year high of $38.22. The business has a 50 day simple moving average of $35.27 and a two-hundred day simple moving average of $29.11. The firm has a market capitalization of $7.89 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 3.52 and a beta of 0.62.
Dropbox (NASDAQ:DBX – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. The firm had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. As a group, sell-side analysts expect that Dropbox will post 1.94 EPS for the current fiscal year.
Insider Buying and Selling
In other Dropbox news, CEO Ashraf Alkarmi sold 28,800 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $35.54, for a total transaction of $1,023,552.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ross Tennenbaum sold 97,558 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $35.02, for a total value of $3,416,481.16. Following the completion of the sale, the chief financial officer owned 690,666 shares of the company’s stock, valued at $24,187,123.32. The trade was a 12.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 947,468 shares of company stock valued at $32,809,905 in the last 90 days. 35.48% of the stock is owned by insiders.
Hedge Funds Weigh In On Dropbox
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ethic Inc. purchased a new position in shares of Dropbox during the 3rd quarter valued at approximately $211,000. Inscription Capital LLC purchased a new position in Dropbox in the third quarter worth approximately $229,000. Chicago Partners Investment Group LLC boosted its position in shares of Dropbox by 8.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 19,625 shares of the company’s stock worth $742,000 after purchasing an additional 1,563 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Dropbox during the 3rd quarter worth approximately $1,933,000. Finally, ProShare Advisors LLC purchased a new position in shares of Dropbox in the 3rd quarter valued at about $215,000. 94.84% of the stock is owned by institutional investors.
Dropbox Company Profile
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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