Brokerages Set Dropbox, Inc. (NASDAQ:DBX) Target Price at $27.00

Shares of Dropbox, Inc. (NASDAQ:DBX) have received a consensus rating of “Reduce” from the six research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $27.00.

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. Citigroup boosted their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th.

Insider Buying and Selling

In related news, Director Karen Peacock sold 2,000 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $29.00, for a total transaction of $58,000.00. Following the completion of the sale, the director directly owned 24,366 shares in the company, valued at $706,614. This represents a 7.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sarah Elizabeth Schubach sold 1,305 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $27.11, for a total value of $35,378.55. Following the transaction, the chief accounting officer owned 127,204 shares in the company, valued at approximately $3,448,500.44. The trade was a 1.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 129,082 shares of company stock worth $3,489,910 in the last 90 days. 35.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wedge Capital Management L L P NC increased its stake in shares of Dropbox by 26.4% in the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock worth $82,552,000 after buying an additional 627,111 shares during the period. Baron Wealth Management LLC purchased a new stake in Dropbox during the 2nd quarter valued at $263,000. GAMMA Investing LLC boosted its position in Dropbox by 26.2% during the 2nd quarter. GAMMA Investing LLC now owns 9,554 shares of the company’s stock valued at $262,000 after buying an additional 1,981 shares during the period. Versant Capital Management Inc boosted its position in Dropbox by 23.3% during the 2nd quarter. Versant Capital Management Inc now owns 11,559 shares of the company’s stock valued at $318,000 after buying an additional 2,182 shares during the period. Finally, Redwood Investment Management LLC grew its holdings in Dropbox by 15.1% in the 1st quarter. Redwood Investment Management LLC now owns 45,701 shares of the company’s stock worth $1,038,000 after acquiring an additional 6,009 shares during the last quarter. Institutional investors own 94.84% of the company’s stock.

Dropbox Stock Performance

Shares of DBX opened at $29.19 on Monday. The stock’s 50-day simple moving average is $27.85 and its 200 day simple moving average is $26.02. Dropbox has a 52-week low of $21.69 and a 52-week high of $32.40. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 3.20 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.Dropbox’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS. On average, research analysts forecast that Dropbox will post 2.09 earnings per share for the current fiscal year.

About Dropbox

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.