Dropbox (NASDAQ:DBX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $25.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 7.85% from the stock’s previous close.
According to Zacks, “Dropbox, Inc. is a service company. It offers a platform which enables users to store and share files, photos, videos, songs and spreadsheets. Dropbox, Inc. is headquartered in San Francisco, California. “
Separately, KeyCorp initiated coverage on shares of Dropbox in a research report on Friday, January 15th. They set a “sector weight” rating for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $27.43.
Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Wednesday, February 17th. The company reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.04. Dropbox had a net margin of 4.47% and a return on equity of 15.02%. As a group, research analysts expect that Dropbox will post 0.23 earnings per share for the current year.
In other news, CFO Timothy Regan sold 1,608 shares of the stock in a transaction that occurred on Thursday, December 24th. The stock was sold at an average price of $24.89, for a total transaction of $40,023.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bart Volkmer sold 10,000 shares of the stock in a transaction that occurred on Monday, December 7th. The shares were sold at an average price of $20.58, for a total value of $205,800.00. The disclosure for this sale can be found here. Insiders sold 33,911 shares of company stock valued at $752,424 in the last ninety days. 30.81% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in Dropbox by 9.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,498 shares of the company’s stock worth $144,000 after purchasing an additional 576 shares during the last quarter. Garde Capital Inc. lifted its stake in Dropbox by 6.8% in the third quarter. Garde Capital Inc. now owns 10,444 shares of the company’s stock valued at $201,000 after buying an additional 666 shares during the last quarter. Profund Advisors LLC lifted its stake in Dropbox by 0.8% in the third quarter. Profund Advisors LLC now owns 94,320 shares of the company’s stock valued at $1,817,000 after buying an additional 768 shares during the last quarter. CWM LLC lifted its stake in Dropbox by 120.8% in the third quarter. CWM LLC now owns 1,517 shares of the company’s stock valued at $29,000 after buying an additional 830 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in Dropbox by 3.5% in the third quarter. Nissay Asset Management Corp Japan ADV now owns 26,644 shares of the company’s stock valued at $513,000 after buying an additional 898 shares during the last quarter. Hedge funds and other institutional investors own 62.02% of the company’s stock.
Dropbox Company Profile
Dropbox, Inc provides a collaboration platform worldwide. The company's platform allows individuals, 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, 2019, it had approximately 600 million registered users across 180 countries.
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