Dropbox (NASDAQ:DBX) Upgraded at Zacks Research

Zacks Research upgraded shares of Dropbox (NASDAQ:DBX) from a strong sell rating to a hold rating in a research note published on Tuesday,Zacks reports.

DBX has been the subject of several other reports. William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Bank of America reissued an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $42.00 price objective on shares of Dropbox in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $29.75.

Dropbox Stock Performance

DBX opened at $34.14 on Tuesday. Dropbox has a 52-week low of $21.69 and a 52-week high of $38.17. The firm has a market capitalization of $7.71 billion, a PE ratio of 18.97, a PEG ratio of 4.87 and a beta of 0.63. The business’s 50-day simple moving average is $34.58 and its 200 day simple moving average is $29.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. On average, research analysts forecast that Dropbox will post 1.94 earnings per share for the current year.

Insider Activity at Dropbox

In related news, insider William Yoon sold 12,382 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $34.78, for a total transaction of $430,645.96. Following the transaction, the insider directly owned 366,693 shares of the company’s stock, valued at approximately $12,753,582.54. The trade was a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ross Tennenbaum sold 97,558 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $35.02, for a total value of $3,416,481.16. Following the completion of the sale, the chief financial officer owned 690,666 shares in the company, valued at approximately $24,187,123.32. This trade represents a 12.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 919,544 shares of company stock worth $31,818,754 in the last three months. 35.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dropbox

Several large investors have recently modified their holdings of DBX. GAMMA Investing LLC lifted its stake in shares of Dropbox by 5.2% during the 3rd quarter. GAMMA Investing LLC now owns 10,054 shares of the company’s stock worth $340,000 after buying an additional 500 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Dropbox by 166.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,617 shares of the company’s stock valued at $89,000 after buying an additional 1,635 shares during the last quarter. Elevation Wealth Partners LLC grew its stake in Dropbox by 63.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,363 shares of the company’s stock valued at $46,000 after buying an additional 527 shares during the last quarter. Versant Capital Management Inc raised its holdings in Dropbox by 13.4% in the 3rd quarter. Versant Capital Management Inc now owns 13,103 shares of the company’s stock valued at $444,000 after acquiring an additional 1,544 shares during the period. Finally, WINTON GROUP Ltd bought a new position in Dropbox in the 2nd quarter valued at about $4,427,000. 94.84% of the stock is owned by institutional investors.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access files across devices, synchronize content and manage collaboration through web, desktop and mobile applications.

The company’s product portfolio includes Dropbox for cloud storage and file collaboration, Dropbox Sign for electronic signatures and document workflows, and DocSend for securely sharing and tracking business documents.