Key Points
- Dropbox CTO Ali Dasdan sold 11,332 shares at an average price of $34.13, worth approximately $386,761. The sale was conducted under a pre-arranged Rule 10b5-1 plan to cover tax obligations from vested equity awards, reducing his direct ownership by 2.35%.
- Dropbox’s latest quarterly results modestly exceeded expectations, with earnings of $0.75 per share versus a $0.74 consensus estimate and revenue of $631.5 million. Revenue increased 0.9% year over year.
- Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $28.25, below its reported opening price of $33.99. Institutional investors own 94.84% of Dropbox shares.
Dropbox, Inc. (NASDAQ:DBX - Get Free Report) CTO Ali Dasdan sold 11,332 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $34.13, for a total value of $386,761.16. Following the completion of the sale, the chief technology officer directly owned 471,052 shares of the company's stock, valued at approximately $16,077,004.76. This trade represents a 2.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Dropbox Stock Performance
Shares of NASDAQ:DBX opened at $33.99 on Thursday. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 18.88, a PEG ratio of 4.63 and a beta of 0.64. Dropbox, Inc. has a one year low of $21.69 and a one year high of $36.30. The company has a 50-day simple moving average of $30.12 and a 200-day simple moving average of $26.92.
Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. The firm had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The company's revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the company earned $0.71 earnings per share. As a group, research analysts forecast that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in Dropbox by 7.3% in the first quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock worth $1,036,000 after purchasing an additional 2,655 shares during the period. Cetera Investment Advisers grew its position in Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock worth $704,000 after buying an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Dropbox by 88.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock worth $48,000 after purchasing an additional 787 shares during the period. Cresset Asset Management LLC raised its holdings in Dropbox by 75.8% during the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company's stock worth $436,000 after buying an additional 6,569 shares during the period. Finally, Federated Hermes Inc. raised its holdings in shares of Dropbox by 360.9% during the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock valued at $3,371,000 after acquiring an additional 92,280 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
DBX has been the subject of several research reports. Citigroup lifted their price objective on Dropbox from $28.00 to $33.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Bank of America reissued an "underperform" rating on shares of Dropbox in a research report on Friday, August 7th. Royal Bank Of Canada restated an "outperform" rating on shares of Dropbox in a report on Monday, June 1st. Wall Street Zen lowered shares of Dropbox from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, William Blair raised Dropbox from an "underperform" rating to a "market perform" rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $28.25.
View 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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