Insider Selling: Dropbox (NASDAQ:DBX) Director Sells $58,000.00 in Stock

Dropbox, Inc. (NASDAQ:DBX) Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $29.00, for a total value of $58,000.00. Following the transaction, the director directly owned 24,366 shares of the company’s stock, valued at $706,614. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Karen Peacock also recently made the following trade(s):

• On Friday, May 15th, Karen Peacock sold 4,000 shares of Dropbox stock. The shares were sold at an average price of $26.50, for a total value of $106,000.00.

Dropbox Stock Performance

NASDAQ DBX traded down $0.22 during trading on Friday, hitting $29.19. The stock had a trading volume of 2,743,123 shares, compared to its average volume of 3,554,992. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40. The company’s 50-day moving average price is $27.10 and its two-hundred day moving average price is $25.89. The company has a market capitalization of $6.81 billion, a PE ratio of 15.95, a P/E/G ratio of 3.20 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping 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 company had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same period last year, the business earned $0.70 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Dropbox

A number of hedge funds and other institutional investors have recently made changes to their positions in DBX. Norges Bank bought a new position in shares of Dropbox in the 4th quarter worth about $69,909,000. Arrowstreet Capital Limited Partnership increased its holdings in Dropbox by 12.7% in the first 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 in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new position in Dropbox in the fourth quarter valued at approximately $22,050,000. Wedge Capital Management L L P NC lifted its position in shares of Dropbox by 26.4% during 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 acquiring an additional 627,111 shares during the period. Finally, Allianz Asset Management GmbH grew its holdings in Dropbox by 28.1% in the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after purchasing an additional 596,440 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on DBX shares. Citigroup lifted their price target on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. William Blair restated an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Dropbox currently has a consensus rating of “Reduce” and a consensus price target of $27.00.

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.