Dropbox (NASDAQ:DBX) CTO Ali Dasdan Sells 11,332 Shares

Dropbox, Inc. (NASDAQ:DBX) CTO Ali Dasdan sold 11,332 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $34.13, for a total value of $386,761.16. Following the completion of the sale, the chief technology officer directly owned 471,052 shares of the company’s stock, valued at $16,077,004.76. The trade was a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Price Performance

Dropbox stock opened at $33.99 on Thursday. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $36.30. The company’s 50-day moving average is $30.12 and its 200 day moving average is $26.92. The firm has a market capitalization of $7.67 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 4.63 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. The business had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. Research analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Institutional Trading of Dropbox

A number of hedge funds and other institutional investors have recently made changes to their positions in DBX. Pacer Advisors Inc. increased its stake in Dropbox by 2.8% during the first quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock worth $46,530,000 after acquiring an additional 55,921 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new stake in Dropbox during the fourth quarter worth about $22,050,000. Pictet Asset Management Holding SA increased its stake in Dropbox by 317.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 125,144 shares of the company’s stock worth $3,479,000 after buying an additional 95,146 shares during the period. ING Groep NV purchased a new stake in shares of Dropbox during the fourth quarter worth $1,223,000. Finally, Jupiter Asset Management Ltd. acquired a new stake in Dropbox in the 4th quarter valued at about $1,591,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DBX shares. Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Citigroup lifted their price target on Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Dropbox presently has an average rating of “Reduce” and an average target price of $28.25.

Dropbox Company Profile

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.