Zacks Investment Research Upgrades Dropbox (NASDAQ:DBX) to “Buy”

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Zacks Investment Research upgraded shares of Dropbox (NASDAQ:DBX) from a hold rating to a buy rating in a research note published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $20.00 price target on the stock.

According to Zacks, “Dropbox, Inc. is a service company. It offers a platform which enables users to store and share files, photos, videos, songs and spreadsheets. Dropbox, Inc. is headquartered in San Francisco, California. “

A number of other brokerages have also weighed in on DBX. Royal Bank of Canada dropped coverage on Dropbox in a report on Friday, August 9th. William Blair dropped coverage on Dropbox in a report on Friday, August 9th. Sanford C. Bernstein initiated coverage on Dropbox in a report on Wednesday, August 7th. They issued an underperform rating and a $19.00 price objective on the stock. Bank of America dropped coverage on Dropbox in a report on Friday, August 9th. Finally, Nomura reduced their price target on Dropbox from $25.00 to $24.00 and set a neutral rating on the stock in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $28.13.

Shares of DBX stock opened at $18.37 on Tuesday. The company has a fifty day moving average price of $23.87. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.78. The stock has a market cap of $8.78 billion, a price-to-earnings ratio of -14.02 and a beta of 1.39. Dropbox has a fifty-two week low of $17.95 and a fifty-two week high of $29.45.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.15. The company had revenue of $401.50 million for the quarter, compared to analyst estimates of $401.09 million. Dropbox had a negative return on equity of 6.70% and a negative net margin of 2.91%. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. As a group, equities research analysts predict that Dropbox will post -0.12 earnings per share for the current year.

In related news, General Counsel Bart Volkmer sold 12,176 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $23.33, for a total value of $284,066.08. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Timothy Regan sold 4,125 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $25.60, for a total transaction of $105,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,092 shares of company stock worth $2,707,227. 31.20% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Deltec Asset Management LLC purchased a new stake in Dropbox in the 1st quarter valued at about $1,373,000. Norges Bank acquired a new position in Dropbox in the 4th quarter valued at about $20,495,000. Exane Derivatives grew its position in Dropbox by 38.1% in the 1st quarter. Exane Derivatives now owns 8,424 shares of the company’s stock valued at $184,000 after acquiring an additional 2,324 shares in the last quarter. Spark Investment Management LLC grew its position in Dropbox by 14.3% in the 1st quarter. Spark Investment Management LLC now owns 1,512,400 shares of the company’s stock valued at $32,970,000 after acquiring an additional 189,000 shares in the last quarter. Finally, DNB Asset Management AS acquired a new position in Dropbox in the 2nd quarter valued at about $427,000. Hedge funds and other institutional investors own 29.43% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.

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