Dropbox (NASDAQ:DBX) CEO Ashraf Alkarmi Sells 22,700 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Ashraf Alkarmi sold 22,700 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total value of $632,422.00. Following the completion of the transaction, the chief executive officer directly owned 1,080,746 shares of the company’s stock, valued at approximately $30,109,583.56. The trade was a 2.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Dropbox Trading Down 2.0%

Shares of DBX opened at $27.60 on Thursday. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $32.40. The stock has a 50 day simple moving average of $24.94 and a 200-day simple moving average of $26.21. The stock has a market cap of $6.44 billion, a PE ratio of 15.08, a PEG ratio of 3.08 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The business had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same period in the prior year, the firm posted $0.70 EPS. Dropbox’s quarterly revenue was up .8% compared to the same quarter last year. On average, sell-side analysts forecast that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DBX has been the subject of a number of recent analyst reports. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. William Blair reaffirmed an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Finally, JPMorgan Chase & Co. dropped their price target on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $27.00.

Institutional Investors Weigh In On Dropbox

Several hedge funds and other institutional investors have recently made changes to their positions in the company. LSV Asset Management increased its stake in shares of Dropbox by 1.1% in the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock valued at $326,251,000 after buying an additional 121,999 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Dropbox by 12.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after buying an additional 960,109 shares during the period. Jacobs Levy Equity Management Inc. increased its stake 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 buying an additional 70,867 shares during the period. Allianz Asset Management GmbH increased its stake 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 buying an additional 596,440 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Dropbox by 22.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock valued at $70,015,000 after buying an additional 463,258 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

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.