Dropbox, Inc. (NASDAQ:DBX) Stock Has Consensus Target Price of $29.75 According to Brokerages

Shares of Dropbox, Inc. (NASDAQ:DBX) have been given a consensus recommendation of “Reduce” by the eight research firms that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $29.75.

A number of brokerages have commented on DBX. Weiss Ratings upgraded Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $42.00 price target 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 downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th.

Insider Buying and Selling at Dropbox

In related news, CAO Sarah Schubach sold 2,025 shares of the stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $32.54, for a total value of $65,893.50. Following the transaction, the chief accounting officer directly owned 132,809 shares in the company, valued at $4,321,604.86. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ross Tennenbaum sold 97,558 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $35.02, for a total transaction of $3,416,481.16. Following the completion of the transaction, the chief financial officer directly owned 690,666 shares in the company, valued at approximately $24,187,123.32. The trade was a 12.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 919,544 shares of company stock valued at $31,818,754 over the last 90 days. Company insiders own 35.48% of the company’s stock.

Institutional Trading of Dropbox

A number of hedge funds have recently modified their holdings of DBX. Elevation Wealth Partners LLC grew its holdings in Dropbox by 63.0% during the third 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 period. EverSource Wealth Advisors LLC boosted its position in shares of Dropbox by 68.1% during the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock worth $47,000 after purchasing an additional 831 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Dropbox by 166.5% during the third quarter. Farther Finance Advisors LLC now owns 2,617 shares of the company’s stock worth $89,000 after purchasing an additional 1,635 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Dropbox in the 4th quarter valued at $103,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Dropbox in the 4th quarter valued at $119,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Stock Performance

Shares of DBX stock opened at $34.36 on Friday. The stock’s fifty day moving average is $34.61 and its 200-day moving average is $29.37. The stock has a market capitalization of $7.76 billion, a PE ratio of 19.09, a PEG ratio of 5.03 and a beta of 0.63. Dropbox has a 52 week low of $21.69 and a 52 week high of $38.17.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The business had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.71 earnings per share. As a group, analysts forecast that Dropbox will post 1.94 earnings per share for the current fiscal year.

Dropbox Company Profile

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.