Brokerages Set Dropbox, Inc. (NASDAQ:DBX) Price Target at $29.78

Shares of Dropbox, Inc. (NASDAQ:DBX) have earned an average recommendation of “Hold” from the ten analysts that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $29.78.

Several equities analysts have recently issued reports on the company. KeyCorp lifted their price target on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, January 19th. Citigroup dropped their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. JPMorgan Chase & Co. downgraded shares of Dropbox from an “overweight” rating to a “neutral” rating and cut their price target for the company from $33.00 to $30.00 in a report on Friday, February 16th. JMP Securities cut shares of Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Finally, Bank of America lowered shares of Dropbox from a “buy” rating to an “underperform” rating and cut their target price for the company from $34.00 to $28.00 in a research note on Friday, February 16th.

Dropbox Stock Down 0.9 %

DBX stock opened at $23.37 on Friday. The company has a market capitalization of $8.04 billion, a P/E ratio of 17.70, a PEG ratio of 2.62 and a beta of 0.70. The company has a 50-day simple moving average of $23.76 and a 200 day simple moving average of $27.15. Dropbox has a fifty-two week low of $19.55 and a fifty-two week high of $33.43.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. The company had revenue of $635.00 million during the quarter, compared to the consensus estimate of $630.77 million. Equities analysts anticipate that Dropbox will post 1.14 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $193,770,651.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $193,770,651.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $23.60, for a total value of $70,800.00. Following the completion of the sale, the chief financial officer now directly owns 591,995 shares in the company, valued at approximately $13,971,082. The disclosure for this sale can be found here. Insiders sold a total of 271,721 shares of company stock worth $6,443,955 in the last quarter. 26.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dropbox

Large investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. increased its position in shares of Dropbox by 5.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company’s stock valued at $120,327,000 after purchasing an additional 227,633 shares during the period. LSV Asset Management lifted its position in Dropbox by 119.4% in the fourth quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock worth $97,453,000 after purchasing an additional 1,799,030 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Dropbox by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,990,186 shares of the company’s stock worth $88,151,000 after buying an additional 98,568 shares in the last quarter. Nordea Investment Management AB increased its holdings in Dropbox by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 2,228,624 shares of the company’s stock valued at $65,934,000 after buying an additional 81,729 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Dropbox by 65.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock valued at $64,825,000 after buying an additional 869,043 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Company Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.