Dropbox (NASDAQ:DBX) Price Target Cut to $28.00

Dropbox (NASDAQ:DBX) had its target price decreased by equities research analysts at UBS Group from $30.00 to $28.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price suggests a potential upside of 24.78% from the stock’s current price.

Separately, Citigroup decreased their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.14.

Dropbox Price Performance

Dropbox stock traded up $0.71 during mid-day trading on Friday, hitting $22.44. 6,010,756 shares of the company were exchanged, compared to its average volume of 4,035,235. Dropbox has a 12-month low of $20.68 and a 12-month high of $33.43. The company has a market capitalization of $7.41 billion, a P/E ratio of 14.86, a PEG ratio of 1.61 and a beta of 0.65. The business’s 50 day simple moving average is $22.33 and its two-hundred day simple moving average is $24.25.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.13. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. The firm had revenue of $631.30 million during the quarter, compared to analysts’ expectations of $628.81 million. Equities research analysts predict that Dropbox will post 1.26 earnings per share for the current year.

Insider Buying and Selling at Dropbox

In related news, CFO Timothy Regan sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $23.12, for a total value of $69,360.00. Following the completion of the sale, the chief financial officer now directly owns 554,122 shares in the company, valued at $12,811,300.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $23.12, for a total value of $69,360.00. Following the transaction, the chief financial officer now directly owns 554,122 shares of the company’s stock, valued at approximately $12,811,300.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Cox sold 8,536 shares of Dropbox stock in a transaction on Monday, June 10th. The shares were sold at an average price of $21.27, for a total value of $181,560.72. Following the completion of the transaction, the insider now owns 350,471 shares in the company, valued at approximately $7,454,518.17. The disclosure for this sale can be found here. Insiders sold 208,536 shares of company stock worth $4,672,611 in the last 90 days. 26.40% of the stock is owned by company insiders.

Institutional Trading of Dropbox

Institutional investors and hedge funds have recently bought and sold shares of the business. LSV Asset Management increased its holdings in Dropbox by 119.4% in the 4th quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock valued at $97,453,000 after purchasing an additional 1,799,030 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Dropbox by 63.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock valued at $56,994,000 after buying an additional 986,942 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Dropbox by 68.2% during the 1st quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock valued at $47,397,000 after buying an additional 790,191 shares during the period. Norges Bank acquired a new position in Dropbox during the 4th quarter worth approximately $19,361,000. Finally, Bank of Nova Scotia boosted its holdings in Dropbox by 7,701.9% in the 4th quarter. Bank of Nova Scotia now owns 618,456 shares of the company’s stock worth $18,231,000 after acquiring an additional 610,529 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

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.