Dropbox (NASDAQ:DBX) CEO Andrew Houston Sells 29,500 Shares of Company Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 29,500 shares of the business’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $35.09, for a total transaction of $1,035,155.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Houston also recently made the following trade(s):

• On Thursday, October 1st, Andrew Houston sold 354,300 shares of Dropbox stock. The stock was sold at an average price of $34.01, for a total transaction of $12,049,743.00.
• On Thursday, September 10th, Andrew Houston sold 383,800 shares of Dropbox stock. The shares were sold at an average price of $35.02, for a total transaction of $13,440,676.00.

Dropbox Stock Performance

Shares of DBX stock opened at $36.54 on Friday. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $38.17. The company has a 50 day moving average price of $34.72 and a 200 day moving average price of $29.77. The stock has a market capitalization of $8.25 billion, a P/E ratio of 19.25, a price-to-earnings-growth ratio of 5.24 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last released its 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. The company had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business earned $0.71 EPS. On average, research analysts forecast that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DBX shares. Bank of America reiterated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Zacks Research upgraded Dropbox from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Citigroup lowered Dropbox from a “neutral” rating to a “sell” rating and reduced their price target for the company from $33.00 to $29.00 in a research report on Thursday, September 24th. Finally, William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. One equities 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $29.75.

Institutional Investors Weigh In On Dropbox

Institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. increased its holdings in Dropbox by 2.8% in the first quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock valued at $46,530,000 after buying an additional 55,921 shares during the last quarter. Wedge Capital Management L L P NC raised its stake in Dropbox by 26.4% in the second 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 buying an additional 627,111 shares in the last quarter. Corient Private Wealth LP lifted its holdings in Dropbox by 358.4% during the 2nd quarter. Corient Private Wealth LP now owns 244,482 shares of the company’s stock worth $6,716,000 after buying an additional 191,147 shares during the last quarter. OP Asset Management Ltd purchased a new stake in Dropbox during the 1st quarter worth about $3,196,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Dropbox during the 2nd quarter worth about $4,938,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access files across devices, synchronize content and manage collaboration through web, desktop and mobile applications.

The company’s product portfolio includes Dropbox for cloud storage and file collaboration, Dropbox Sign for electronic signatures and document workflows, and DocSend for securely sharing and tracking business documents.