Eric Webster Sells 15,830 Shares of Dropbox (NASDAQ:DBX) Stock

Dropbox, Inc. (NASDAQ:DBX) insider Eric Webster sold 15,830 shares of the stock in a transaction dated 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 owned 416,236 shares of the company’s stock, valued at approximately $14,189,485.24. The trade was a 3.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dropbox Trading Up 0.0%

Dropbox stock opened at $34.00 on Friday. The business’s 50 day simple moving average is $30.26 and its 200 day simple moving average is $26.98. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $36.30. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 5.00 and a beta of 0.64.

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

Analysts Set New Price Targets

DBX has been the topic of several research reports. Weiss Ratings raised shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Bank of America reiterated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Finally, Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $28.25.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DBX. Palisade Asset Management LLC purchased a new stake in Dropbox during the third quarter valued at approximately $30,000. Kestra Advisory Services LLC purchased a new position in shares of Dropbox during the 4th quarter worth $31,000. Larson Financial Group LLC grew its position in shares of Dropbox by 228.0% during the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after acquiring an additional 791 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after acquiring an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Dropbox in the 4th quarter worth $38,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

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.