Dropbox (NASDAQ:DBX) CTO Ali Dasdan Sells 5,666 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) CTO Ali Dasdan sold 5,666 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.56, for a total transaction of $156,154.96. Following the completion of the sale, the chief technology officer directly owned 514,611 shares in the company, valued at $14,182,679.16. This trade represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ali Dasdan also recently made the following trade(s):

• On Thursday, February 26th, Ali Dasdan sold 7,306 shares of Dropbox stock. The shares were sold at an average price of $24.89, for a total transaction of $181,846.34.

Dropbox Price Performance

Shares of Dropbox stock opened at $27.53 on Wednesday. The company’s fifty day moving average price is $24.57 and its two-hundred day moving average price is $26.40. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40. The firm has a market capitalization of $6.42 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 3.15 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The business had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. During the same quarter in the prior year, the firm earned $0.70 EPS. The firm’s quarterly revenue was up .8% compared to the same quarter last year. Analysts predict that Dropbox, Inc. will post 2.03 earnings per share for the current fiscal year.

Institutional Trading of Dropbox

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rossby Financial LCC raised its holdings in shares of Dropbox by 128.5% in the third quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after purchasing an additional 527 shares during the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Dropbox in the third quarter valued at approximately $30,000. First Horizon Corp bought a new position in shares of Dropbox in the third quarter valued at $31,000. Kestra Advisory Services LLC bought a new position in shares of Dropbox in the fourth quarter valued at $31,000. Finally, Larson Financial Group LLC grew its stake in shares of Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after buying an additional 791 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Dropbox

Here are the key news stories impacting Dropbox this week:

• Positive Sentiment: Dropbox’s latest quarterly report beat Wall Street expectations, with EPS of $0.76 versus $0.71 estimated and revenue of $629.5 million above forecasts, reinforcing the company’s ability to deliver steady profitability. The stock also received a rating upgrade from Wall Street Zen to buy, while RBC recently raised its price target to $32.
• Neutral Sentiment: Several insiders, including the CEO, CTO, CAO, and two directors, sold shares in recent days. These trades were made under pre-arranged 10b5-1 plans and, in several cases, were tied to tax withholding on vested equity awards, which reduces the likelihood that they signal a fundamental change in outlook. Article Title
• Neutral Sentiment: Dropbox’s stock has also been trading near the middle of its 52-week range, suggesting investors are still balancing solid earnings execution against slower revenue growth and a mixed analyst consensus. Article Title

Analyst Upgrades and Downgrades

A number of brokerages have commented on DBX. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. JPMorgan Chase & Co. cut their price target on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. UBS Group cut their price target on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research report on Friday, February 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Citigroup lifted their price objective on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $27.00.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.