Dropbox, Inc. (NASDAQ:DBX) Receives $27.00 Average PT from Analysts

Dropbox, Inc. (NASDAQ:DBX) has earned a consensus rating of “Reduce” from the six research firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $27.00.

DBX has been the subject of a number of recent research reports. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Citigroup upped their price objective on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 11th.

Dropbox Stock Performance

DBX stock opened at $28.69 on Monday. The stock has a market cap of $6.69 billion, a P/E ratio of 15.68, a P/E/G ratio of 3.22 and a beta of 0.66. The firm has a 50 day simple moving average of $27.75 and a 200 day simple moving average of $25.99. Dropbox has a 52 week low of $21.69 and a 52 week high of $32.40.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. During the same quarter in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts predict that Dropbox will post 2.09 EPS for the current year.

Insider Buying and Selling

In other news, Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $29.00, for a total transaction of $58,000.00. Following the completion of the sale, the director owned 24,366 shares in the company, valued at approximately $706,614. This represents a 7.59% decrease in their position. The transaction was disclosed in a legal filing 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 Ashraf Alkarmi sold 22,700 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total value of $632,422.00. Following the completion of the transaction, the chief executive officer directly owned 1,080,746 shares in the company, valued at $30,109,583.56. The trade was a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 129,082 shares of company stock valued at $3,489,910. 35.48% of the stock is owned by corporate insiders.

Institutional Trading of Dropbox

Several large investors have recently modified their holdings of DBX. Norges Bank acquired a new stake in shares of Dropbox in the fourth quarter valued at about $69,909,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Dropbox by 12.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock worth $193,886,000 after purchasing an additional 960,109 shares during the last quarter. Arbejdsmarkedets Tillaegspension bought a new stake in Dropbox during the 4th quarter valued at approximately $22,050,000. Wedge Capital Management L L P NC boosted its stake in 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 purchasing an additional 627,111 shares during the period. Finally, Allianz Asset Management GmbH grew its holdings in Dropbox by 28.1% in the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock valued at $75,626,000 after buying an additional 596,440 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.