Dropbox, Inc. (NASDAQ:DBX) Receives $29.56 Average Price Target from Analysts

Shares of Dropbox, Inc. (NASDAQ:DBX) have earned a consensus recommendation of “Hold” from the ten ratings firms that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $29.56.

Separately, Citigroup decreased their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th.

Dropbox Stock Up 2.2 %

DBX stock opened at $24.00 on Friday. Dropbox has a 52-week low of $20.68 and a 52-week high of $33.43. The firm has a market cap of $7.92 billion, a P/E ratio of 15.89, a PEG ratio of 1.64 and a beta of 0.65. The company’s 50-day simple moving average is $22.38 and its 200-day simple moving average is $24.94.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.13. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. The company had revenue of $631.30 million during the quarter, compared to analysts’ expectations of $628.81 million. On average, analysts anticipate that Dropbox will post 1.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Dropbox

In other Dropbox news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $193,770,651.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $23.60, for a total value of $70,800.00. Following the transaction, the chief financial officer now owns 591,995 shares of the company’s stock, valued at $13,971,082. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 82,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 293,536 shares of company stock worth $6,665,491. Insiders own 26.40% of the company’s stock.

Hedge Funds Weigh In On Dropbox

Several large investors have recently made changes to their positions in DBX. LSV Asset Management raised its holdings in shares of Dropbox by 119.4% in the 4th quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock valued at $97,453,000 after buying an additional 1,799,030 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of Dropbox by 65.8% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock worth $64,825,000 after purchasing an additional 869,043 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Dropbox by 68.2% in the first quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock valued at $47,397,000 after purchasing an additional 790,191 shares during the period. Norges Bank acquired a new position in shares of Dropbox in the fourth quarter valued at approximately $19,361,000. Finally, Bank of Nova Scotia increased its stake in Dropbox by 7,701.9% during the 4th quarter. Bank of Nova Scotia now owns 618,456 shares of the company’s stock worth $18,231,000 after buying an additional 610,529 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

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.