Dropbox (NASDAQ:DBX) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Dropbox (NASDAQ:DBX) from a hold rating to a buy rating in a research note released on Saturday morning.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. decreased their target price on Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Royal Bank Of Canada lifted their price target on Dropbox from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Finally, UBS Group lowered their target price on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Dropbox presently has an average rating of “Reduce” and a consensus target price of $27.00.

Dropbox Trading Up 2.4%

Shares of NASDAQ:DBX opened at $26.82 on Friday. The company has a 50 day moving average of $24.52 and a 200 day moving average of $26.44. The stock has a market cap of $6.26 billion, a P/E ratio of 14.66, a P/E/G ratio of 3.02 and a beta of 0.64. Dropbox has a 12 month low of $21.69 and a 12 month high of $32.40.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping 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 business had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. During the same period in the prior year, the company posted $0.70 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts forecast that Dropbox will post 2.03 earnings per share for the current fiscal year.

Insider Transactions at Dropbox

In related news, CAO Sarah Elizabeth Schubach sold 1,769 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $23.95, for a total value of $42,367.55. Following the completion of the sale, the chief accounting officer owned 136,106 shares in the company, valued at $3,259,738.70. The trade was a 1.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ashraf Alkarmi sold 12,472 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $324,272.00. Following the completion of the sale, the insider directly owned 414,661 shares of the company’s stock, valued at approximately $10,781,186. This represents a 2.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 249,288 shares of company stock valued at $5,994,652. 35.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dropbox

Institutional investors have recently made changes to their positions in the business. Rossby Financial LCC grew its stake in shares of Dropbox by 128.5% during the third quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after buying an additional 527 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in shares of Dropbox during the third quarter worth about $30,000. First Horizon Corp purchased a new stake in shares of Dropbox during the third quarter worth about $31,000. Kestra Advisory Services LLC bought a new stake in shares of Dropbox in the fourth quarter worth about $31,000. Finally, Larson Financial Group LLC grew its stake in shares of Dropbox by 228.0% in the fourth 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 last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

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.