UBS Group Issues Pessimistic Forecast for Dropbox (NASDAQ:DBX) Stock Price

Dropbox (NASDAQ:DBX) had its price target reduced by equities researchers at UBS Group from $31.00 to $29.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price objective indicates a potential upside of 7.77% from the stock’s current price.

Separately, Citigroup increased their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, May 9th.

Dropbox Stock Performance

Shares of DBX stock opened at $26.91 on Friday. Dropbox has a 52-week low of $21.82 and a 52-week high of $33.33. The firm has a market capitalization of $7.57 billion, a PE ratio of 16.41, a PEG ratio of 10.58 and a beta of 0.64. The stock has a fifty day simple moving average of $27.88 and a two-hundred day simple moving average of $28.25.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 71.26%. The business had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The business’s revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts forecast that Dropbox will post 1.64 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Andrew Houston sold 319,000 shares of the business’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the completion of the sale, the chief executive officer owned 8,266,666 shares of the company’s stock, valued at $235,434,647.68. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ashraf Alkarmi sold 10,098 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $28.10, for a total transaction of $283,753.80. Following the sale, the insider directly owned 492,856 shares of the company’s stock, valued at $13,849,253.60. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 466,125 shares of company stock valued at $13,221,355 in the last ninety days. Company insiders own 29.95% of the company’s stock.

Hedge Funds Weigh In On Dropbox

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cetera Investment Advisers boosted its holdings in Dropbox by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock valued at $704,000 after purchasing an additional 2,405 shares during the last quarter. Creative Planning boosted its holdings in Dropbox by 71.0% in the 2nd quarter. Creative Planning now owns 55,558 shares of the company’s stock valued at $1,589,000 after purchasing an additional 23,070 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Dropbox by 25.2% in the 2nd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 23,827 shares of the company’s stock valued at $681,000 after purchasing an additional 4,789 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Dropbox by 5.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,607 shares of the company’s stock valued at $246,000 after purchasing an additional 461 shares during the last quarter. Finally, denkapparat Operations GmbH boosted its holdings in Dropbox by 7.0% in the 2nd quarter. denkapparat Operations GmbH now owns 13,694 shares of the company’s stock valued at $392,000 after purchasing an additional 900 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Company Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.