Dropbox, Inc. (NASDAQ:DBX - Get Free Report) CFO Ross Tennenbaum sold 97,558 shares of Dropbox stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $35.02, for a total value of $3,416,481.16. Following the completion of the sale, the chief financial officer directly owned 690,666 shares in the company, valued at $24,187,123.32. This trade represents a 12.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dropbox Trading Up 4.9%
NASDAQ:DBX opened at $37.31 on Tuesday. The company has a market capitalization of $8.42 billion, a P/E ratio of 20.73, a P/E/G ratio of 5.24 and a beta of 0.65. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $37.39. The business's 50-day moving average is $33.00 and its 200 day moving average is $28.21.
Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The business had revenue of $631.50 million during the quarter, compared to analysts' expectations of $626.69 million. During the same quarter last year, the business posted $0.71 EPS. The firm's revenue for the quarter was up .9% compared to the same quarter last year. On average, research analysts forecast that Dropbox, Inc. will post 1.94 earnings per share for the current year.
Hedge Funds Weigh In On Dropbox
A number of institutional investors and hedge funds have recently modified their holdings of DBX. Larson Financial Group LLC increased 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 purchasing an additional 791 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Dropbox by 68.1% in the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company's stock worth $47,000 after buying an additional 831 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in Dropbox by 143.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,519 shares of the company's stock worth $98,000 after buying an additional 2,071 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Dropbox during the fourth quarter worth $103,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Dropbox during the fourth quarter worth $119,000. Hedge funds and other institutional investors own 94.84% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on DBX shares. Wall Street Zen cut shares of Dropbox from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research lowered shares of Dropbox from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 19th. Citigroup lifted their price objective on shares of Dropbox from $28.00 to $33.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Bank of America restated an "underperform" rating on shares of Dropbox in a report on Friday, August 7th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $42.00 target price on shares of Dropbox in a research report on Thursday, September 3rd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $30.75.
View Our Latest Stock Report on DBX
About Dropbox
(
Get Free Report)
Dropbox, Inc (NASDAQ: DBX) is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.
The company's offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.
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