Ross Tennenbaum Sells 97,558 Shares of Dropbox (NASDAQ:DBX) Stock

Dropbox, Inc. (NASDAQ:DBX) CFO Ross Tennenbaum sold 97,558 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $35.02, for a total value of $3,416,481.16. Following the sale, the chief financial officer directly owned 690,666 shares in the company, valued at approximately $24,187,123.32. The trade was a 12.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Stock Performance

DBX stock traded up $1.75 during trading on Monday, hitting $37.31. The stock had a trading volume of 4,240,255 shares, compared to its average volume of 3,958,501. The company’s 50 day moving average price is $32.83 and its two-hundred day moving average price is $28.12. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $37.39. The stock has a market cap of $8.42 billion, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 5.24 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 17.49% and a negative return on equity of 24.26%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 earnings per share. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Dropbox

Several institutional investors and hedge funds have recently added to or reduced their stakes in DBX. Pacer Advisors Inc. lifted its stake in shares of Dropbox by 2.8% in the 1st quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock valued at $46,530,000 after purchasing an additional 55,921 shares in the last quarter. ING Groep NV acquired a new position in Dropbox during the fourth quarter valued at approximately $1,223,000. Jupiter Asset Management Ltd. purchased a new stake in Dropbox during the fourth quarter worth approximately $1,591,000. OP Asset Management Ltd acquired a new stake in shares of Dropbox in the first quarter worth $3,196,000. Finally, Wedge Capital Management L L P NC raised its stake in shares of Dropbox by 26.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock valued at $82,552,000 after acquiring an additional 627,111 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DBX has been the subject of several analyst reports. Bank of America reiterated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Weiss Ratings raised Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Zacks Research cut Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $42.00 price objective on shares of Dropbox in a research note on Thursday, September 3rd. Finally, Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Dropbox has an average rating of “Reduce” and a consensus target price of $30.75.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.

The company’s offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.