Brokerages Set Dropbox, Inc. (NASDAQ:DBX) Target Price at $29.78

Shares of Dropbox, Inc. (NASDAQ:DBX) have received an average rating of “Hold” from the ten analysts that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $29.78.

A number of brokerages have recently issued reports on DBX. JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $30.00 in a report on Friday, February 16th. KeyCorp increased their price objective on shares of Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. JMP Securities lowered shares of Dropbox from an “outperform” rating to a “market perform” rating in a report on Friday, February 16th. Bank of America lowered shares of Dropbox from a “buy” rating to an “underperform” rating and lowered their price target for the company from $34.00 to $28.00 in a report on Friday, February 16th. Finally, The Goldman Sachs Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and cut their price target for the company from $26.00 to $24.00 in a report on Friday, February 16th.

Insider Transactions at Dropbox

In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $23.11, for a total transaction of $69,330.00. Following the sale, the chief financial officer now owns 594,995 shares of the company’s stock, valued at approximately $13,750,334.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $23.11, for a total value of $69,330.00. Following the transaction, the chief financial officer now directly owns 594,995 shares of the company’s stock, valued at $13,750,334.45. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Andrew Houston sold 164,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at $197,242,650.76. The disclosure for this sale can be found here. Insiders have sold 271,721 shares of company stock valued at $6,443,955 in the last three months. 26.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC acquired a new position in Dropbox in the 4th quarter valued at $25,000. Contravisory Investment Management Inc. bought a new position in Dropbox during the fourth quarter worth $26,000. Sound Income Strategies LLC bought a new stake in Dropbox in the first quarter worth approximately $28,000. Fifth Third Bancorp grew its holdings in Dropbox by 424.2% in the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after purchasing an additional 878 shares during the period. Finally, Cary Street Partners Investment Advisory LLC increased its position in Dropbox by 29,175.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock valued at $32,000 after buying an additional 1,167 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Dropbox Stock Up 0.3 %

Shares of Dropbox stock opened at $23.61 on Friday. Dropbox has a 52 week low of $21.19 and a 52 week high of $33.43. The firm’s 50 day moving average is $23.75 and its two-hundred day moving average is $27.10. The firm has a market capitalization of $8.12 billion, a P/E ratio of 17.89, a P/E/G ratio of 2.62 and a beta of 0.70.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, February 15th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. The firm had revenue of $635.00 million during the quarter, compared to analysts’ expectations of $630.77 million. As a group, research analysts expect that Dropbox will post 1.14 earnings per share for the current fiscal 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.