Dropbox (NASDAQ:DBX) Price Target Raised to $36.00

Dropbox (NASDAQ:DBX) had its price target upped by JPMorgan Chase & Co. from $35.00 to $36.00 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts also recently issued reports on the stock. Zacks Research raised shares of Dropbox from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Royal Bank Of Canada upped their target price on Dropbox from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday. UBS Group raised their price target on Dropbox from $23.00 to $26.00 and gave the stock a “sell” rating in a research note on Friday. Bank of America restated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Finally, Stephens began coverage on Dropbox in a research report on Tuesday, November 3rd. They issued an “equal weight” rating and a $39.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $35.60.

Dropbox Price Performance

DBX stock opened at $34.66 on Friday. Dropbox has a twelve month low of $21.69 and a twelve month high of $38.22. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 2.84 and a beta of 0.61. The firm’s fifty day simple moving average is $35.29 and its two-hundred day simple moving average is $29.25.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, November 5th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.15. Dropbox had a net margin of 17.17% and a negative return on equity of 22.35%. The firm had revenue of $637.30 million during the quarter, compared to analyst estimates of $629.59 million. During the same quarter last year, the business earned $0.74 EPS. The business’s revenue was up .5% on a year-over-year basis. As a group, equities research analysts expect that Dropbox will post 2.33 EPS for the current year.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 383,800 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $35.81, for a total value of $13,743,878.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Yoon sold 12,382 shares of the company’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $34.78, for a total transaction of $430,645.96. Following the completion of the transaction, the insider owned 366,693 shares in the company, valued at $12,753,582.54. This represents a 3.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,331,268 shares of company stock worth $46,553,783 over the last ninety days. 35.48% of the stock is currently owned by company insiders.

Institutional Trading of Dropbox

A number of large investors have recently modified their holdings of DBX. Pacer Advisors Inc. increased its holdings in Dropbox by 2.8% during 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 period. Wedge Capital Management L L P NC lifted its holdings in Dropbox by 26.4% during the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock worth $82,552,000 after buying an additional 627,111 shares during the period. Corient Private Wealth LP boosted its position in Dropbox by 358.4% during the 2nd quarter. Corient Private Wealth LP now owns 244,482 shares of the company’s stock valued at $6,716,000 after acquiring an additional 191,147 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Dropbox during the 2nd quarter valued at $4,938,000. Finally, Sequoia Financial Advisors LLC boosted its position in Dropbox by 369.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 47,393 shares of the company’s stock valued at $1,077,000 after acquiring an additional 37,302 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

About Dropbox

Dropbox, Inc is a cloud software company that helps individuals and organizations store, access, sync and share files across devices. Its core Dropbox service also supports collaboration through shared folders, comments and tools for managing digital content.

The company offers products for a range of work and collaboration needs, including Dropbox Sign for electronic signatures and DocSend for sharing and tracking documents. Dropbox has also developed tools for reviewing creative content and organizing work, alongside integrations with other business applications.

Founded in 2007 by Drew Houston and Arash Ferdowsi, Dropbox serves customers around the world.