Insider Selling: Dropbox (NASDAQ:DBX) Insider Sells $539,644.70 in Stock

Dropbox, Inc. (NASDAQ:DBX) insider Eric Webster sold 15,830 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $34.09, for a total transaction of $539,644.70. Following the completion of the sale, the insider directly owned 416,236 shares of the company’s stock, valued at approximately $14,189,485.24. The trade was a 3.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dropbox Price Performance

Shares of DBX traded up $0.12 during mid-day trading on Wednesday, reaching $33.99. 2,883,453 shares of the company’s stock traded hands, compared to its average volume of 4,007,886. The stock has a market cap of $7.67 billion, a P/E ratio of 18.88, a P/E/G ratio of 4.70 and a beta of 0.64. The stock’s 50-day moving average is $30.00 and its two-hundred day moving average is $26.86. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $36.30.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. During the same period last year, the company earned $0.71 EPS. Dropbox’s quarterly revenue was up .9% compared to the same quarter last year. Research analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in DBX. Empowered Funds LLC boosted its stake in shares of Dropbox by 7.3% during the first quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after purchasing an additional 2,655 shares in the last quarter. Cetera Investment Advisers lifted its holdings in Dropbox by 10.8% during the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock worth $704,000 after buying an additional 2,405 shares during the period. EverSource Wealth Advisors LLC boosted its position in Dropbox by 88.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock valued at $48,000 after acquiring an additional 787 shares in the last quarter. Cresset Asset Management LLC boosted its position in Dropbox by 75.8% during the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock valued at $436,000 after acquiring an additional 6,569 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in Dropbox by 360.9% during the 2nd quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock valued at $3,371,000 after acquiring an additional 92,280 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on DBX shares. Citigroup boosted their target price on shares of Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $28.25.

Dropbox Company Profile

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.