Dropbox’s (DBX) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their outperform rating on shares of Dropbox (NASDAQ:DBX) in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a $42.00 price objective on the stock.

Other analysts have also issued reports about the stock. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Bank of America reissued an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Zacks Research lowered shares of Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Citigroup boosted their price objective on shares of Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Finally, William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Dropbox has a consensus rating of “Reduce” and a consensus price target of $30.75.

Dropbox Stock Down 2.4%

DBX stock opened at $34.83 on Thursday. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 19.35, a P/E/G ratio of 5.15 and a beta of 0.65. Dropbox has a twelve month low of $21.69 and a twelve month high of $36.37. The business has a 50 day moving average price of $32.16 and a two-hundred day moving average price of $27.75.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data 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. The company had revenue of $631.50 million for the quarter, compared to analysts’ expectations of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The business’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.71 EPS. On average, equities research analysts anticipate that Dropbox will post 1.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Sarah Schubach sold 1,631 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $35.50, for a total value of $57,900.50. Following the sale, the chief accounting officer owned 115,150 shares in the company, valued at approximately $4,087,825. This represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing 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. Also, insider Eric Webster sold 15,830 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total value of $539,644.70. Following the sale, the insider directly owned 416,236 shares of the company’s stock, valued at $14,189,485.24. This represents a 3.66% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 38,667 shares of company stock worth $1,285,874 in the last quarter. Insiders own 35.48% of the company’s stock.

Institutional Trading of Dropbox

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Palisade Asset Management LLC acquired a new position in Dropbox in the 3rd quarter valued at about $30,000. Kestra Advisory Services LLC acquired a new stake in Dropbox during the fourth quarter worth approximately $31,000. Larson Financial Group LLC lifted its position in Dropbox by 228.0% during the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock worth $32,000 after acquiring an additional 791 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after acquiring an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Dropbox during the fourth quarter worth approximately $38,000. 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.