Dropbox (DBX) Sees Strong Trading Volume on Earnings Beat
Dropbox Inc (NASDAQ:DBX) saw unusually-strong trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 461,707 shares were traded during mid-day trading, a decline of 87% from the previous session’s volume of 3,511,526 shares.The stock last traded at $31.60 and had previously closed at $32.05.
The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.05. The company had revenue of $339.20 million during the quarter, compared to analyst estimates of $330.90 million. The firm’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.06 EPS.
Several research analysts have recently weighed in on DBX shares. DA Davidson dropped coverage on shares of Dropbox in a report on Monday, April 16th. They issued a $22.00 price target for the company. Macquarie started coverage on shares of Dropbox in a report on Tuesday, April 17th. They issued an “outperform” rating and a $34.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Dropbox to $35.00 and gave the company an “overweight” rating in a report on Friday, May 11th. Piper Jaffray Companies started coverage on shares of Dropbox in a report on Tuesday, April 17th. They issued an “overweight” rating and a $40.00 price target for the company. Finally, Royal Bank of Canada started coverage on shares of Dropbox in a report on Tuesday, April 17th. They issued a “sector perform” rating and a $33.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Dropbox presently has a consensus rating of “Buy” and an average price target of $34.14.
The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of -0.14.
Dropbox Company Profile
Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.
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