Insider Selling: Dropbox (NASDAQ:DBX) CTO Sells $386,761.16 in Stock

Dropbox, Inc. (NASDAQ:DBX) CTO Ali Dasdan sold 11,332 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total value of $386,761.16. Following the sale, the chief technology officer directly owned 471,052 shares of the company’s stock, valued at approximately $16,077,004.76. The trade was a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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.

Dropbox Stock Performance

Shares of DBX opened at $34.47 on Friday. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $36.30. The firm’s 50 day moving average price is $30.41 and its two-hundred day moving average price is $27.03. The firm has a market cap of $7.78 billion, a P/E ratio of 19.15, a PEG ratio of 5.01 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The company had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. During the same quarter in the prior year, the company earned $0.71 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. On average, sell-side analysts anticipate that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DBX. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Citigroup upped their price objective on Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Zacks Research lowered Dropbox from a “hold” rating to a “strong sell” rating in a research report on Wednesday. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Dropbox presently has a consensus rating of “Reduce” and a consensus price target of $28.25.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. LSV Asset Management lifted its position in Dropbox by 1.1% during the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock worth $326,251,000 after buying an additional 121,999 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Dropbox by 12.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock worth $193,886,000 after buying an additional 960,109 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Dropbox by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock valued at $153,935,000 after acquiring an additional 70,867 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Dropbox by 26.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock valued at $82,552,000 after acquiring an additional 627,111 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in shares of Dropbox by 28.1% in the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock valued at $75,626,000 after acquiring an additional 596,440 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

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.