Dropbox (DBX) Raised to Buy at Bank of America

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Dropbox (NASDAQ:DBX) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Friday, The Fly reports.

Several other research analysts have also recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Dropbox to $32.00 in a report on Friday. William Blair initiated coverage on shares of Dropbox in a report on Tuesday, December 11th. They issued an “outperform” rating for the company. Canaccord Genuity reduced their price target on shares of Dropbox from $38.00 to $35.00 and set a “buy” rating for the company in a report on Friday, November 9th. Zacks Investment Research upgraded shares of Dropbox from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a report on Tuesday, November 13th. Finally, ValuEngine cut shares of Dropbox from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $33.57.

DBX opened at $25.59 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. Dropbox has a fifty-two week low of $18.50 and a fifty-two week high of $43.50.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, February 21st. The company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.15. Dropbox had a negative net margin of 38.83% and a negative return on equity of 158.23%. On average, equities analysts forecast that Dropbox will post -1.05 EPS for the current fiscal year.

In other Dropbox news, General Counsel Bart Volkmer sold 4,306 shares of the company’s stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of $23.25, for a total transaction of $100,114.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Quentin Clark sold 16,666 shares of the company’s stock in a transaction on Thursday, January 24th. The stock was sold at an average price of $23.32, for a total transaction of $388,651.12. The disclosure for this sale can be found here. In the last three months, insiders sold 150,442 shares of company stock worth $3,362,557.

A number of hedge funds and other institutional investors have recently bought and sold shares of DBX. BlackRock Inc. raised its position in shares of Dropbox by 22.7% in the fourth quarter. BlackRock Inc. now owns 12,611,171 shares of the company’s stock valued at $257,646,000 after purchasing an additional 2,332,796 shares during the period. FMR LLC raised its position in shares of Dropbox by 341.4% in the third quarter. FMR LLC now owns 10,379,810 shares of the company’s stock valued at $278,490,000 after purchasing an additional 8,028,401 shares during the period. Vanguard Group Inc. raised its position in shares of Dropbox by 51.9% in the third quarter. Vanguard Group Inc. now owns 6,473,087 shares of the company’s stock valued at $173,673,000 after purchasing an additional 2,211,823 shares during the period. Vanguard Group Inc raised its position in shares of Dropbox by 51.9% in the third quarter. Vanguard Group Inc now owns 6,473,087 shares of the company’s stock valued at $173,673,000 after purchasing an additional 2,211,823 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Dropbox by 19.5% in the fourth quarter. First Trust Advisors LP now owns 3,911,795 shares of the company’s stock valued at $79,918,000 after purchasing an additional 639,476 shares during the period. 24.56% of the stock is currently owned by hedge funds and other institutional investors.

About Dropbox

Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc has strategic partnership with Zoom Video Communications, Inc Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.

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