Dropbox (NASDAQ:DBX) CEO Sells 383,800 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 383,800 shares of Dropbox stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $35.02, for a total transaction of $13,440,676.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Price Performance

DBX stock traded up $1.75 during trading on Monday, reaching $37.31. The company had a trading volume of 4,240,255 shares, compared to its average volume of 3,958,501. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $37.39. The company has a market cap of $8.42 billion, a P/E ratio of 20.73, a PEG ratio of 5.24 and a beta of 0.65. The business has a 50 day moving average of $32.83 and a 200 day moving average of $28.12.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data 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 negative return on equity of 24.26% and a net margin of 17.49%.The business had revenue of $631.50 million for the quarter, compared to analysts’ expectations of $626.69 million. During the same period in the previous year, the firm posted $0.71 EPS. The business’s revenue was up .9% on a year-over-year basis. Research analysts expect that Dropbox, Inc. will post 1.94 earnings per share for the current year.

Hedge Funds Weigh In On Dropbox

A number of institutional investors and hedge funds have recently modified their holdings of DBX. Larson Financial Group LLC increased 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 valued at $32,000 after acquiring an additional 791 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Dropbox by 68.1% in the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock worth $47,000 after purchasing an additional 831 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Dropbox by 143.0% during the 4th quarter. Hantz Financial Services Inc. now owns 3,519 shares of the company’s stock valued at $98,000 after purchasing an additional 2,071 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Dropbox during the 4th quarter valued at about $103,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Dropbox during the 4th quarter valued at about $119,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Royal Bank Of Canada reissued an “outperform” rating and issued a $42.00 target price on shares of Dropbox in a research report on Thursday, September 3rd. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $30.75.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.

The company’s offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.