Dropbox, Inc. (NASDAQ:DBX) Receives $28.67 Average Price Target from Brokerages

Dropbox, Inc. (NASDAQ:DBX) has received a consensus recommendation of “Hold” from the eight research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $28.67.

A number of research analysts have commented on DBX shares. UBS Group lowered their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Citigroup reduced their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th.

Insider Activity

In related news, insider Bart Volkmer sold 7,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $22.76, for a total value of $159,320.00. Following the sale, the insider now directly owns 333,934 shares of the company’s stock, valued at $7,600,337.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $22.76, for a total value of $68,280.00. Following the sale, the chief financial officer now owns 535,122 shares in the company, valued at approximately $12,179,376.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bart Volkmer sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $159,320.00. Following the transaction, the insider now directly owns 333,934 shares of the company’s stock, valued at approximately $7,600,337.84. The disclosure for this sale can be found here. Insiders sold a total of 105,000 shares of company stock worth $2,354,690 in the last quarter. 26.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Dropbox

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Dropbox by 0.4% during the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after buying an additional 105,250 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Dropbox by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after purchasing an additional 506,200 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Dropbox by 63.0% in the second quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after purchasing an additional 2,881,981 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Dropbox by 0.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 4,670,151 shares of the company’s stock valued at $113,485,000 after purchasing an additional 32,600 shares in the last quarter. Finally, LSV Asset Management boosted its position in shares of Dropbox by 9.2% during the second quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock valued at $84,089,000 after buying an additional 314,862 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of Dropbox stock opened at $24.59 on Monday. The company’s 50 day moving average price is $23.34 and its 200-day moving average price is $23.20. Dropbox has a 52-week low of $20.68 and a 52-week high of $33.43. The stock has a market capitalization of $8.00 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.51 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $634.50 million for the quarter, compared to analysts’ expectations of $630.10 million. Dropbox had a net margin of 23.06% and a negative return on equity of 161.78%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.28 earnings per share. As a group, equities research analysts forecast that Dropbox will post 1.31 earnings per share for the current fiscal year.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.