Dropbox (NASDAQ:DBX) Downgraded by Zacks Investment Research

Dropbox (NASDAQ:DBX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Dropbox, Inc. is a service company. It offers a platform which enables users to store and share files, photos, videos, songs and spreadsheets. Dropbox, Inc. is headquartered in San Francisco, California. “

DBX has been the subject of a number of other reports. William Blair dropped coverage on shares of Dropbox in a research report on Friday, August 9th. TheStreet cut shares of Dropbox from a “c-” rating to a “d+” rating in a research report on Friday, August 9th. Bank of America dropped coverage on shares of Dropbox in a research report on Friday, August 9th. DA Davidson dropped coverage on shares of Dropbox in a research report on Friday, August 9th. Finally, Sanford C. Bernstein started coverage on shares of Dropbox in a research report on Wednesday, August 7th. They set an “underperform” rating and a $19.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $28.13.

Shares of NASDAQ:DBX traded down $0.88 during midday trading on Wednesday, hitting $17.49. The stock had a trading volume of 4,397,593 shares, compared to its average volume of 3,791,328. The stock has a 50-day moving average price of $23.73. The company has a market capitalization of $8.21 billion, a P/E ratio of -13.35 and a beta of 1.39. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.78. Dropbox has a fifty-two week low of $17.37 and a fifty-two week high of $29.25.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.15. The company had revenue of $401.50 million during the quarter, compared to analysts’ expectations of $401.09 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.70%. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.11 EPS. As a group, equities research analysts expect that Dropbox will post -0.12 earnings per share for the current fiscal year.

In other news, insider Quentin Clark sold 16,666 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $22.62, for a total value of $376,984.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Bart Volkmer sold 12,176 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $23.33, for a total transaction of $284,066.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,092 shares of company stock valued at $2,707,227. Corporate insiders own 31.20% of the company’s stock.

Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its stake in Dropbox by 836.0% during the second quarter. Renaissance Technologies LLC now owns 6,537,007 shares of the company’s stock worth $163,752,000 after acquiring an additional 5,838,601 shares in the last quarter. Vanguard Group Inc. boosted its stake in Dropbox by 48.5% during the second quarter. Vanguard Group Inc. now owns 16,362,654 shares of the company’s stock worth $409,885,000 after acquiring an additional 5,341,378 shares in the last quarter. BlackRock Inc. boosted its stake in Dropbox by 35.8% during the second quarter. BlackRock Inc. now owns 18,369,211 shares of the company’s stock worth $460,147,000 after acquiring an additional 4,847,447 shares in the last quarter. First Trust Advisors LP boosted its stake in Dropbox by 63.1% during the second quarter. First Trust Advisors LP now owns 6,551,431 shares of the company’s stock worth $164,113,000 after acquiring an additional 2,535,197 shares in the last quarter. Finally, Southpoint Capital Advisors LP bought a new position in Dropbox during the second quarter worth $58,868,000. 29.43% of the stock is currently owned by institutional investors.

Dropbox Company Profile

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.

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