Dropbox, Inc. (NASDAQ:DBX) Receives $28.25 Average Price Target from Brokerages

Dropbox, Inc. (NASDAQ:DBX) has received an average recommendation of “Reduce” from the seven brokerages that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $28.25.

Several research firms have recently weighed in on DBX. Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Citigroup increased their price objective on Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st.

Insider Transactions at Dropbox

In other news, Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.00, for a total value of $66,000.00. Following the completion of the sale, the director owned 22,366 shares of the company’s stock, valued at approximately $738,078. This represents a 8.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric T. Webster sold 15,830 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total transaction of $539,644.70. Following the transaction, the insider directly owned 416,236 shares in the company, valued at approximately $14,189,485.24. This represents a 3.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 59,410 shares of company stock worth $1,841,022. Corporate insiders own 35.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Palisade Asset Management LLC bought a new stake in shares of Dropbox in the 3rd quarter valued at about $30,000. Kestra Advisory Services LLC bought a new position in Dropbox during the 4th quarter worth approximately $31,000. Larson Financial Group LLC increased its stake in Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock worth $32,000 after purchasing an additional 791 shares during the period. Geneos Wealth Management Inc. lifted its position in Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after purchasing an additional 558 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Dropbox during the 4th quarter valued at $38,000. 94.84% of the stock is owned by institutional investors.

Dropbox Stock Up 0.0%

NASDAQ:DBX opened at $34.00 on Friday. The stock has a market cap of $7.67 billion, a P/E ratio of 18.89, a PEG ratio of 5.00 and a beta of 0.64. The business’s 50-day moving average price is $30.26 and its two-hundred day moving average price is $26.98. Dropbox has a twelve month low of $21.69 and a twelve month high of $36.30.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.74 by $0.01. The company had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.Dropbox’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, equities research analysts expect that Dropbox will post 1.94 EPS for the current fiscal year.

Dropbox Company Profile

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.