Insider Selling: Dropbox (NASDAQ:DBX) CTO Sells $386,761.16 in Stock

Dropbox, Inc. (NASDAQ:DBX) CTO Ali Dasdan sold 11,332 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $34.13, for a total value of $386,761.16. Following the completion of the transaction, the chief technology officer directly owned 471,052 shares of the company’s stock, valued at approximately $16,077,004.76. This represents a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dropbox Stock Up 0.4%

Dropbox stock traded up $0.12 during mid-day trading on Wednesday, reaching $33.99. 2,883,453 shares of the company’s stock were exchanged, compared to its average volume of 4,007,886. The business’s fifty day simple moving average is $30.00 and its 200 day simple moving average is $26.86. The firm has a market capitalization of $7.67 billion, a PE ratio of 18.88, a P/E/G ratio of 4.70 and a beta of 0.64. Dropbox, Inc. has a one year low of $21.69 and a one year high of $36.30.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data 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. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. During the same quarter in the prior year, the company earned $0.71 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts forecast that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DBX. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a research report on Friday, August 7th. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Citigroup increased their target price on shares of Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $28.25.

Institutional Trading of Dropbox

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new stake in shares of Dropbox during the 2nd quarter valued at approximately $1,295,000. Globeflex Capital L P purchased a new position in Dropbox in the 2nd quarter valued at approximately $518,000. Wedge Capital Management L L P NC grew its stake in Dropbox by 26.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock valued at $82,552,000 after buying an additional 627,111 shares in the last quarter. Baron Wealth Management LLC bought a new stake in Dropbox during the 2nd quarter valued at $263,000. Finally, GAMMA Investing LLC raised its holdings 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 acquiring an additional 1,981 shares during the period. Institutional investors own 94.84% of the company’s stock.

Dropbox Company Profile

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.