Dropbox’s (DBX) “Neutral” Rating Reaffirmed at Citigroup

Citigroup reissued their neutral rating on shares of Dropbox (NASDAQ:DBX) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $30.00 price target on the stock.

Several other equities analysts have also recently weighed in on the company. William Blair cut Dropbox from an outperform rating to a market perform rating in a report on Monday. JMP Securities reiterated a market outperform rating and issued a $32.00 target price on shares of Dropbox in a research note on Thursday, August 31st. Royal Bank of Canada raised their target price on shares of Dropbox from $30.00 to $32.00 and gave the company an outperform rating in a research note on Friday, August 4th. Credit Suisse Group raised their price objective on shares of Dropbox from $18.00 to $22.00 and gave the stock an underperform rating in a research report on Friday, August 4th. Finally, KeyCorp raised their price objective on shares of Dropbox from $32.00 to $35.00 and gave the stock an overweight rating in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Dropbox currently has an average rating of Hold and an average target price of $29.14.

Dropbox Trading Down 1.4 %

NASDAQ DBX opened at $26.57 on Monday. Dropbox has a 1-year low of $18.71 and a 1-year high of $28.68. The company has a market capitalization of $9.24 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 1.79 and a beta of 0.89. The firm’s fifty day simple moving average is $27.36 and its 200-day simple moving average is $24.23.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.07. Dropbox had a negative return on equity of 79.08% and a net margin of 21.61%. The firm had revenue of $622.50 million for the quarter, compared to analyst estimates of $613.64 million. As a group, analysts predict that Dropbox will post 1.05 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 162,500 shares of Dropbox stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $26.51, for a total transaction of $4,307,875.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $219,149,315.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Timothy Regan sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $27.71, for a total transaction of $83,130.00. Following the completion of the sale, the chief financial officer now directly owns 511,252 shares in the company, valued at $14,166,792.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Houston sold 162,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $26.51, for a total transaction of $4,307,875.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $219,149,315.66. The disclosure for this sale can be found here. Insiders have sold a total of 433,376 shares of company stock valued at $11,793,466 in the last quarter. Insiders own 25.78% of the company’s stock.

Hedge Funds Weigh In On Dropbox

Several institutional investors have recently bought and sold shares of the business. Baupost Group LLC MA increased its position in Dropbox by 30.6% during the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after purchasing an additional 2,476,021 shares during the period. Renaissance Technologies LLC boosted its stake in Dropbox by 7.5% in the 2nd quarter. Renaissance Technologies LLC now owns 9,297,833 shares of the company’s stock worth $247,973,000 after purchasing an additional 651,900 shares in the last quarter. UBS Group AG lifted its position in Dropbox by 378.5% during the first quarter. UBS Group AG now owns 5,063,268 shares of the company’s stock valued at $109,468,000 after purchasing an additional 4,005,004 shares during the period. Thrivent Financial for Lutherans lifted its position in Dropbox by 10.8% during the second quarter. Thrivent Financial for Lutherans now owns 5,013,693 shares of the company’s stock valued at $133,715,000 after purchasing an additional 490,484 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Dropbox by 22.2% in the fourth quarter. Geode Capital Management LLC now owns 4,970,819 shares of the company’s stock worth $111,148,000 after acquiring an additional 901,437 shares during the period. Institutional investors own 70.28% of the company’s stock.

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.