Dropbox (NASDAQ:DBX) CEO Sells $12,049,743.00 in Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 354,300 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $34.01, for a total transaction of $12,049,743.00. The sale was disclosed in a 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.

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

• On Thursday, September 10th, Andrew Houston sold 383,800 shares of Dropbox stock. The shares were sold at an average price of $35.02, for a total transaction of $13,440,676.00.

Dropbox Stock Performance

NASDAQ DBX opened at $33.08 on Thursday. The firm’s fifty day moving average price is $34.54 and its two-hundred day moving average price is $29.27. The stock has a market cap of $7.47 billion, a PE ratio of 18.38, a PEG ratio of 4.97 and a beta of 0.63. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $38.17.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The company had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. During the same period in the prior year, the company earned $0.71 EPS. Dropbox’s revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts predict that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on DBX shares. Royal Bank Of Canada reissued an “outperform” rating and set a $42.00 price target on shares of Dropbox in a research note on Thursday, September 3rd. Zacks Research downgraded Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Bank of America reiterated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $29.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of DBX. Arrowstreet Capital Limited Partnership increased its stake in shares of Dropbox by 12.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after buying an additional 960,109 shares during the period. Wedge Capital Management L L P NC lifted its stake in shares of Dropbox by 26.4% in 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 acquiring an additional 627,111 shares during the period. Allianz Asset Management GmbH lifted its stake in shares of Dropbox by 28.1% in the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after acquiring an additional 596,440 shares during the period. Norges Bank bought a new stake in Dropbox in the fourth quarter valued at approximately $69,909,000. Finally, Pacer Advisors Inc. boosted its holdings in Dropbox by 2.8% in the first quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock valued at $46,530,000 after acquiring an additional 55,921 shares during the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access files across devices, synchronize content and manage collaboration through web, desktop and mobile applications.

The company’s product portfolio includes Dropbox for cloud storage and file collaboration, Dropbox Sign for electronic signatures and document workflows, and DocSend for securely sharing and tracking business documents.