Key Points
- Dropbox director Karen Peacock sold 2,000 shares on July 7 at an average price of $29.00, totaling $58,000. The transaction was made under a pre-arranged Rule 10b5-1 plan.
- Dropbox’s latest quarterly results beat expectations, with EPS of $0.76 versus estimates of $0.71 and revenue of $629.5 million, slightly above forecasts. Revenue rose 0.8% year over year.
- Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” with an average target price of $27.00, even though some firms recently reiterated or upgraded their views.
Dropbox, Inc. (NASDAQ:DBX - Get Free Report) Director Karen Peacock sold 2,000 shares of Dropbox stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $29.00, for a total transaction of $58,000.00. Following the transaction, the director owned 24,366 shares of the company's stock, valued at approximately $706,614. The trade was a 7.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Karen Peacock also recently made the following trade(s):
- On Friday, May 15th, Karen Peacock sold 4,000 shares of Dropbox stock. The shares were sold at an average price of $26.50, for a total transaction of $106,000.00.
Dropbox Price Performance
DBX stock opened at $29.41 on Friday. The company's 50 day simple moving average is $27.00 and its 200-day simple moving average is $25.87. The firm has a market capitalization of $6.86 billion, a PE ratio of 16.07, a P/E/G ratio of 3.16 and a beta of 0.66. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40.
Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $620.56 million. During the same period last year, the company posted $0.70 EPS. The company's revenue was up .8% on a year-over-year basis. As a group, sell-side analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Dropbox during the fourth quarter worth $69,909,000. Arrowstreet Capital Limited Partnership increased its stake in Dropbox by 12.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company's stock valued at $193,886,000 after purchasing an additional 960,109 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in Dropbox during the fourth quarter worth about $22,050,000. Allianz Asset Management GmbH lifted its position in Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company's stock worth $75,626,000 after buying an additional 596,440 shares during the period. Finally, Northern Trust Corp boosted its stake in Dropbox by 29.1% in the 3rd quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock worth $75,165,000 after buying an additional 560,694 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on the company. William Blair reissued an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. Citigroup increased their price objective on Dropbox from $27.00 to $28.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Wall Street Zen raised shares of Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Dropbox in a report on Monday, May 4th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $27.00.
Read Our Latest Stock Analysis on Dropbox
About Dropbox
(
Get Free Report)
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.
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