Dropbox (NASDAQ:DBX) Stock: Insider Andrew Houston Sells 29,500 Shares

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 29,500 shares of the firm’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $35.09, for a total value of $1,035,155.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 stock was 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 stock was sold at an average price of $35.02, for a total value of $13,440,676.00.

Dropbox Price Performance

Shares of DBX stock opened at $35.57 on Friday. The stock has a market cap of $8.03 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 5.38 and a beta of 0.63. The stock has a 50-day moving average of $34.74 and a 200-day moving average of $29.81. Dropbox, Inc. has a one year low of $21.69 and a one year high of $38.17.

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

Institutional Investors Weigh In On Dropbox

Large investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of Dropbox by 5.2% during the 3rd quarter. GAMMA Investing LLC now owns 10,054 shares of the company’s stock valued at $340,000 after purchasing an additional 500 shares in the last quarter. Elevation Wealth Partners LLC grew its position in shares of 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 period. State of Michigan Retirement System grew its position in shares of Dropbox by 1.9% in the 1st quarter. State of Michigan Retirement System now owns 42,000 shares of the company’s stock valued at $954,000 after purchasing an additional 800 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Dropbox by 68.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock valued at $47,000 after purchasing an additional 831 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its stake in Dropbox by 3.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 35,780 shares of the company’s stock worth $813,000 after purchasing an additional 1,090 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Dropbox from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $42.00 price target on shares of Dropbox in a research report on Thursday, September 3rd. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup lowered shares of Dropbox from a “neutral” rating to a “sell” rating and decreased their price target for the company from $33.00 to $29.00 in a report on Thursday, September 24th. Finally, Bank of America restated an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $29.75.

About Dropbox

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.