Credit Suisse Group began coverage on shares of Dropbox (NASDAQ:DBX – Get Rating) in a research note published on Monday morning, The Fly reports. The brokerage issued an underperform rating on the stock.
A number of other brokerages have also issued reports on DBX. Citigroup began coverage on Dropbox in a research note on Thursday, September 1st. They set a neutral rating and a $24.00 price target for the company. The Goldman Sachs Group decreased their price target on Dropbox from $25.00 to $22.00 and set a sell rating for the company in a research note on Monday, November 7th. Jefferies Financial Group decreased their price target on Dropbox from $30.00 to $28.00 and set a buy rating for the company in a research note on Monday, October 31st. KeyCorp started coverage on Dropbox in a research report on Monday, September 12th. They set an overweight rating and a $30.00 price objective for the company. Finally, Bank of America started coverage on Dropbox in a research report on Tuesday, September 6th. They set a buy rating and a $34.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $27.57.
Dropbox Stock Performance
Shares of NASDAQ DBX opened at $22.39 on Monday. The stock has a fifty day moving average price of $21.36 and a two-hundred day moving average price of $21.78. The firm has a market cap of $8.12 billion, a P/E ratio of 24.08, a PEG ratio of 3.04 and a beta of 0.80. Dropbox has a 1 year low of $19.07 and a 1 year high of $25.81.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of DBX. Pictet Asset Management SA increased its holdings in shares of Dropbox by 0.6% in the second quarter. Pictet Asset Management SA now owns 10,767,550 shares of the company’s stock valued at $226,011,000 after purchasing an additional 65,785 shares in the last quarter. Baupost Group LLC MA increased its holdings in shares of Dropbox by 30.6% in the first quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after purchasing an additional 2,476,021 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Dropbox by 16.7% in the second quarter. Renaissance Technologies LLC now owns 9,580,233 shares of the company’s stock valued at $201,089,000 after purchasing an additional 1,370,500 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Dropbox by 29.0% in the third quarter. UBS Asset Management Americas Inc. now owns 4,727,563 shares of the company’s stock valued at $97,955,000 after purchasing an additional 1,063,628 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Dropbox by 32.4% in the second quarter. Thrivent Financial for Lutherans now owns 4,495,097 shares of the company’s stock valued at $94,352,000 after purchasing an additional 1,101,083 shares in the last quarter. Institutional investors own 60.57% of the company’s stock.
Dropbox Company Profile
Dropbox, Inc provides a content collaboration platform worldwide. Its platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. As of December 31, 2021, the company had approximately 700 million registered users.
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