Dropbox, Inc. (NASDAQ:DBX) Receives $28.67 Consensus Price Target from Brokerages

Dropbox, Inc. (NASDAQ:DBX) has earned an average recommendation of “Hold” from the eight analysts that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $28.67.

Several research analysts have commented on DBX shares. UBS Group cut their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Citigroup reduced their price objective on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th.

Insider Activity at Dropbox

In other Dropbox news, CFO Timothy Regan sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $22.33, for a total value of $290,290.00. Following the completion of the transaction, the chief financial officer now owns 538,122 shares of the company’s stock, valued at approximately $12,016,264.26. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Dropbox news, insider Bart Volkmer sold 7,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $22.76, for a total transaction of $159,320.00. Following the sale, the insider now owns 333,934 shares in the company, valued at $7,600,337.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Regan sold 13,000 shares of Dropbox stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $22.33, for a total value of $290,290.00. Following the sale, the chief financial officer now directly owns 538,122 shares of the company’s stock, valued at approximately $12,016,264.26. The disclosure for this sale can be found here. Insiders have sold 105,000 shares of company stock valued at $2,354,690 over the last three months. 26.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dropbox

Large investors have recently modified their holdings of the company. 3Chopt Investment Partners LLC grew its position in Dropbox by 15.9% during the second quarter. 3Chopt Investment Partners LLC now owns 113,771 shares of the company’s stock valued at $2,556,000 after acquiring an additional 15,576 shares during the last quarter. Quarry LP grew its holdings in shares of Dropbox by 81.1% during the 2nd quarter. Quarry LP now owns 1,965 shares of the company’s stock valued at $44,000 after purchasing an additional 880 shares during the last quarter. Algert Global LLC purchased a new position in Dropbox in the 2nd quarter worth $1,597,000. Susquehanna Fundamental Investments LLC lifted its stake in Dropbox by 160.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 525,262 shares of the company’s stock worth $11,803,000 after purchasing an additional 323,621 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in Dropbox by 22.2% during the second quarter. Mackenzie Financial Corp now owns 1,449,825 shares of the company’s stock valued at $32,578,000 after buying an additional 262,927 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Up 1.3 %

NASDAQ DBX opened at $24.59 on Monday. The firm has a market cap of $8.00 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. The company’s 50 day moving average is $23.34 and its 200-day moving average is $23.20. Dropbox has a 12-month low of $20.68 and a 12-month high of $33.43.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Dropbox had a net margin of 23.06% and a negative return on equity of 161.78%. The business had revenue of $634.50 million for the quarter, compared to analysts’ expectations of $630.10 million. During the same quarter in the previous year, the firm posted $0.28 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities analysts expect that Dropbox will post 1.31 EPS for the current year.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.