Dropbox (NASDAQ:DBX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Dropbox (NASDAQ:DBX) from a hold rating to a buy rating in a research report report published on Saturday.

Other equities analysts have also issued research reports about the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, October 8th. UBS Group lowered shares of Dropbox from a “neutral” rating to a “sell” rating and dropped their target price for the company from $29.00 to $27.00 in a report on Thursday, September 18th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $29.67.

Dropbox Stock Up 0.7%

DBX stock opened at $29.29 on Friday. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 3.83 and a beta of 0.67. Dropbox has a 12-month low of $24.42 and a 12-month high of $33.33. The company’s fifty day simple moving average is $29.53 and its 200 day simple moving average is $28.53.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $625.70 million for the quarter, compared to analyst estimates of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. Dropbox’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Research analysts expect that Dropbox will post 1.64 earnings per share for the current year.

Insider Transactions at Dropbox

In other Dropbox news, CFO Timothy Regan sold 1,500 shares of Dropbox stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $28.62, for a total value of $42,930.00. Following the completion of the sale, the chief financial officer directly owned 470,121 shares of the company’s stock, valued at approximately $13,454,863.02. The trade was a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Sarah Elizabeth Schubach sold 1,066 shares of Dropbox stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $28.62, for a total transaction of $30,508.92. Following the completion of the sale, the chief accounting officer directly owned 104,657 shares of the company’s stock, valued at approximately $2,995,283.34. This trade represents a 1.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 318,632 shares of company stock valued at $9,248,234. 28.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Dropbox

Institutional investors and hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Dropbox by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 48,224 shares of the company’s stock worth $1,350,000 after acquiring an additional 5,136 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Dropbox in the 1st quarter worth about $647,000. Farther Finance Advisors LLC raised its holdings in shares of Dropbox by 22.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 9,012 shares of the company’s stock worth $258,000 after acquiring an additional 1,641 shares during the last quarter. Rehmann Capital Advisory Group acquired a new stake in shares of Dropbox in the 1st quarter worth about $675,000. Finally, Acadian Asset Management LLC raised its holdings in shares of Dropbox by 1.9% in the 1st quarter. Acadian Asset Management LLC now owns 8,544,978 shares of the company’s stock worth $228,202,000 after acquiring an additional 157,148 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

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.