Ashraf Alkarmi Sells 22,700 Shares of Dropbox (NASDAQ:DBX) Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Ashraf Alkarmi sold 22,700 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the sale, the chief executive officer directly owned 1,080,746 shares in the company, valued at $30,109,583.56. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Dropbox Stock Performance

Shares of DBX stock opened at $27.20 on Friday. The firm has a market cap of $6.35 billion, a P/E ratio of 14.86, a P/E/G ratio of 3.02 and a beta of 0.67. The firm’s 50 day moving average price is $25.02 and its 200-day moving average price is $26.18. Dropbox, Inc. has a one year low of $21.69 and a one year high of $32.40.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. During the same quarter last year, the firm earned $0.70 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, research analysts predict that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on DBX. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a research note on Monday. JPMorgan Chase & Co. dropped their target price on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, UBS Group lowered their price objective on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $27.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rossby Financial LCC increased its holdings in Dropbox by 128.5% during the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock worth $28,000 after purchasing an additional 527 shares during the period. Palisade Asset Management LLC purchased a new position in shares of Dropbox in the 3rd quarter valued at about $30,000. Kestra Advisory Services LLC acquired a new position in shares of Dropbox during the fourth quarter worth about $31,000. Larson Financial Group LLC increased its stake in shares of Dropbox by 228.0% during the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock worth $32,000 after buying an additional 791 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in shares of Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after buying an additional 558 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.