Dropbox (NASDAQ:DBX) Insider William Yoon Sells 7,230 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) insider William Yoon sold 7,230 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.57, for a total value of $199,331.10. Following the sale, the insider owned 366,963 shares in the company, valued at approximately $10,117,169.91. The trade was a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 NASDAQ:DBX opened at $27.53 on Wednesday. The company has a market cap of $6.42 billion, a P/E ratio of 15.04, a PEG ratio of 3.15 and a beta of 0.64. Dropbox, Inc. has a one year low of $21.69 and a one year high of $32.40. The business’s 50-day simple moving average is $24.57 and its 200 day simple moving average is $26.40.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to the consensus estimate of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The company’s revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. Analysts predict that Dropbox, Inc. will post 2.03 earnings per share for the current year.

Institutional Investors Weigh In On Dropbox

Several hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in Dropbox by 68.1% during the 1st 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. California State Teachers Retirement System increased its holdings in Dropbox by 18.4% during the 1st quarter. California State Teachers Retirement System now owns 206,493 shares of the company’s stock worth $4,692,000 after purchasing an additional 32,041 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Dropbox by 12.9% in the 1st quarter. Empowered Funds LLC now owns 116,220 shares of the company’s stock valued at $2,641,000 after acquiring an additional 13,244 shares during the last quarter. Lombard Odier Asset Management USA Corp bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $266,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings 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 acquiring an additional 960,109 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox News Summary

Here are the key news stories impacting Dropbox this week:

• Positive Sentiment: Dropbox’s latest quarterly report beat Wall Street expectations, with EPS of $0.76 versus $0.71 estimated and revenue of $629.5 million above forecasts, reinforcing the company’s ability to deliver steady profitability. The stock also received a rating upgrade from Wall Street Zen to buy, while RBC recently raised its price target to $32.
• Neutral Sentiment: Several insiders, including the CEO, CTO, CAO, and two directors, sold shares in recent days. These trades were made under pre-arranged 10b5-1 plans and, in several cases, were tied to tax withholding on vested equity awards, which reduces the likelihood that they signal a fundamental change in outlook. Article Title
• Neutral Sentiment: Dropbox’s stock has also been trading near the middle of its 52-week range, suggesting investors are still balancing solid earnings execution against slower revenue growth and a mixed analyst consensus. Article Title

Wall Street Analyst Weigh In

Several brokerages recently commented on DBX. UBS Group dropped their target price on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a report on Friday, February 20th. JPMorgan Chase & Co. dropped their target price on Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. Finally, Citigroup lifted their price objective on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $27.00.

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.