Dropbox (NASDAQ:DBX) Stock Bumped Up to Hold by Zacks Research

Zacks Research upgraded shares of Dropbox (NASDAQ:DBX) from a strong sell rating to a hold rating in a research report report published on Tuesday,Zacks reports.

Several other equities analysts have also recently issued reports on DBX. Citigroup cut Dropbox from a “neutral” rating to a “sell” rating and decreased their price target for the company from $33.00 to $29.00 in a report on Thursday, September 24th. Bank of America reissued an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a research report on Friday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $42.00 target price on shares of Dropbox in a research note on Thursday, September 3rd. Finally, Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $29.75.

Dropbox Price Performance

DBX stock opened at $33.08 on Tuesday. The company has a 50 day moving average price of $34.54 and a 200 day moving average price of $29.27. Dropbox has a fifty-two week low of $21.69 and a fifty-two week high of $38.17. The stock has a market capitalization of $7.47 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 4.97 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The firm had revenue of $631.50 million for 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%.The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. As a group, equities analysts expect that Dropbox will post 1.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Dropbox

In other news, CFO Ross Tennenbaum sold 97,558 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $35.02, for a total transaction of $3,416,481.16. Following the sale, the chief financial officer owned 690,666 shares of the company’s stock, valued at $24,187,123.32. This trade represents a 12.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Houston sold 354,300 shares of Dropbox stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $34.01, for a total value of $12,049,743.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 919,544 shares of company stock worth $31,818,754 in the last three months. 35.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Elevation Wealth Partners LLC increased its position in shares of Dropbox by 63.0% during the third quarter. Elevation Wealth Partners LLC now owns 1,363 shares of the company’s stock worth $46,000 after acquiring an additional 527 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Dropbox by 68.1% in the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock valued at $47,000 after purchasing an additional 831 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Dropbox during the fourth quarter worth about $103,000. Parallel Advisors LLC grew its holdings in shares of Dropbox by 49.8% during the first quarter. Parallel Advisors LLC now owns 8,634 shares of the company’s stock worth $196,000 after buying an additional 2,869 shares in the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in Dropbox in the 2nd quarter valued at approximately $209,000. Institutional investors own 94.84% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access files across devices, synchronize content and manage collaboration through web, desktop and mobile applications.

The company’s product portfolio includes Dropbox for cloud storage and file collaboration, Dropbox Sign for electronic signatures and document workflows, and DocSend for securely sharing and tracking business documents.