Insider Selling: Dropbox (NASDAQ:DBX) CEO Sells $1,023,552.00 in Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Ashraf Alkarmi sold 28,800 shares of Dropbox stock in a transaction on Friday, September 11th. The stock was sold at an average price of $35.54, for a total value of $1,023,552.00. Following the transaction, the chief executive officer directly owned 1,004,081 shares of the company’s stock, valued at approximately $35,685,038.74. This represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $37.61 on Friday. The firm’s 50-day moving average is $33.52 and its two-hundred day moving average is $28.49. The company has a market capitalization of $8.49 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 5.56 and a beta of 0.65. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $38.17.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.01. The firm had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 EPS. On average, analysts forecast that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Dropbox

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Dropbox during the 4th quarter valued at approximately $69,909,000. Arrowstreet Capital Limited Partnership increased its position in shares of Dropbox by 12.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock worth $193,886,000 after purchasing an additional 960,109 shares during the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Dropbox by 26.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock valued at $82,552,000 after purchasing an additional 627,111 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of Dropbox by 28.1% in the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock valued at $75,626,000 after purchasing an additional 596,440 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Dropbox during the first quarter worth about $5,221,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

DBX has been the topic of a number of analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $42.00 target price on shares of Dropbox in a research report on Thursday, September 3rd. Zacks Research cut Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Finally, Citigroup lifted their price target on Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Dropbox presently has a consensus rating of “Reduce” and a consensus price target of $30.75.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.

The company’s offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.