Andrew Houston Sells 37,498 Shares of Dropbox (NASDAQ:DBX) Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 37,498 shares of Dropbox stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $25.96, for a total transaction of $973,448.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 1st, Andrew Houston sold 111,166 shares of Dropbox stock. The stock was sold at an average price of $22.89, for a total transaction of $2,544,589.74.
• On Monday, March 2nd, Andrew Houston sold 109,498 shares of Dropbox stock. The stock was sold at an average price of $24.94, for a total transaction of $2,730,880.12.

Dropbox Price Performance

Shares of DBX opened at $27.53 on Wednesday. The firm has a market capitalization of $6.42 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 3.15 and a beta of 0.64. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $32.40. The company’s fifty day moving average price is $24.57 and its 200-day moving average price is $26.40.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. As a group, research analysts anticipate that Dropbox, Inc. will post 2.03 EPS for the current fiscal year.

Analyst Ratings Changes

DBX has been the topic of a number of research analyst reports. Citigroup boosted their price objective on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Royal Bank Of Canada boosted their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, May 8th. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $27.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in Dropbox by 68.1% during the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock valued at $47,000 after purchasing an additional 831 shares during the period. California State Teachers Retirement System lifted its position in Dropbox by 18.4% during the first quarter. California State Teachers Retirement System now owns 206,493 shares of the company’s stock valued at $4,692,000 after purchasing an additional 32,041 shares during the period. Empowered Funds LLC lifted its position in Dropbox by 12.9% during the first quarter. Empowered Funds LLC now owns 116,220 shares of the company’s stock valued at $2,641,000 after purchasing an additional 13,244 shares during the period. Lombard Odier Asset Management USA Corp acquired a new position in Dropbox during the first quarter valued at $266,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Dropbox by 12.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after purchasing an additional 960,109 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Dropbox

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

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.