Key Points
- Dropbox CEO Andrew Houston sold 29,500 shares at an average price of $35.09, generating approximately $1.04 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, following two much larger sales in September and October.
- Dropbox reported quarterly earnings of $0.75 per share and revenue of $631.5 million, narrowly exceeding analyst expectations. Revenue increased 0.9% year over year, while the company posted a 17.49% net margin.
- Analyst sentiment remains cautious: Dropbox has an average “Reduce” rating and a consensus price target of $29.75, below its reported share price of $36.54. Institutional investors own approximately 94.84% of the company.
Dropbox, Inc. (NASDAQ:DBX - Get Free Report) CEO Andrew Houston sold 29,500 shares of the business's stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $35.09, for a total value of $1,035,155.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Andrew Houston also recently made the following trade(s):
- On Thursday, October 1st, Andrew Houston sold 354,300 shares of Dropbox stock. The shares were sold at an average price of $34.01, for a total value of $12,049,743.00.
- On Thursday, September 10th, Andrew Houston sold 383,800 shares of Dropbox stock. The shares were sold at an average price of $35.02, for a total transaction of $13,440,676.00.
Dropbox Stock Up 2.6%
Shares of Dropbox stock opened at $36.54 on Friday. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $38.17. The firm's 50 day moving average is $34.72 and its two-hundred day moving average is $29.77. The firm has a market capitalization of $8.25 billion, a P/E ratio of 19.25, a P/E/G ratio of 5.24 and a beta of 0.63.
Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The company's revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 EPS. As a group, research analysts expect that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Sanders Morris Harris LLC purchased a new position in shares of Dropbox during the third quarter worth approximately $439,000. NorthCrest Asset Manangement LLC acquired a new position in shares of Dropbox in the 3rd quarter valued at $268,000. GAMMA Investing LLC increased its holdings in shares of Dropbox by 5.2% in the 3rd quarter. GAMMA Investing LLC now owns 10,054 shares of the company's stock valued at $340,000 after acquiring an additional 500 shares during the period. Farther Finance Advisors LLC raised its position in Dropbox by 166.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,617 shares of the company's stock valued at $89,000 after purchasing an additional 1,635 shares during the last quarter. Finally, Elevation Wealth Partners LLC raised its position in Dropbox by 63.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,363 shares of the company's stock valued at $46,000 after purchasing an additional 527 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.
Wall Street Analyst Weigh In
DBX has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Dropbox from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 13th. Citigroup downgraded shares of Dropbox from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $33.00 to $29.00 in a research note on Thursday, September 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $42.00 price objective on shares of Dropbox in a report on Thursday, September 3rd. William Blair raised Dropbox from an "underperform" rating to a "market perform" rating in a report on Friday, August 7th. Finally, Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One research 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 currently has an average rating of "Reduce" and a consensus target price of $29.75.
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About Dropbox
(
Get Free Report)
Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access files across devices, synchronize content and manage collaboration through web, desktop and mobile applications.
The company's product portfolio includes Dropbox for cloud storage and file collaboration, Dropbox Sign for electronic signatures and document workflows, and DocSend for securely sharing and tracking business documents.
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