Dropbox (NASDAQ:DBX) Given New $36.00 Price Target at JPMorgan Chase & Co.

Dropbox (NASDAQ:DBX) had its price objective raised by analysts at JPMorgan Chase & Co. from $35.00 to $36.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 3.87% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on DBX. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. UBS Group lifted their price objective on Dropbox from $23.00 to $26.00 and gave the stock a “sell” rating in a research note on Friday. Royal Bank Of Canada boosted their price objective on Dropbox from $42.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday. Zacks Research upgraded Dropbox from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Finally, William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $35.60.

Dropbox Stock Performance

Shares of Dropbox stock opened at $34.66 on Friday. The firm has a fifty day simple moving average of $35.29 and a 200-day simple moving average of $29.25. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 2.84 and a beta of 0.61. Dropbox has a 1-year low of $21.69 and a 1-year high of $38.22.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, November 5th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.15. The business had revenue of $637.30 million for the quarter, compared to analyst estimates of $629.59 million. Dropbox had a net margin of 17.17% and a negative return on equity of 22.35%. Dropbox’s revenue was up .5% compared to the same quarter last year. During the same period last year, the business posted $0.74 EPS. As a group, research analysts predict that Dropbox will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Ross Tennenbaum sold 97,558 shares of Dropbox stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $35.02, for a total transaction of $3,416,481.16. Following the sale, the chief financial officer directly owned 690,666 shares of the company’s stock, valued at $24,187,123.32. This trade represents a 12.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Yoon sold 12,382 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $34.78, for a total value of $430,645.96. Following the transaction, the insider owned 366,693 shares in the company, valued at $12,753,582.54. This represents a 3.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,331,268 shares of company stock valued at $46,553,783 in the last quarter. 35.48% of the stock is currently owned by insiders.

Institutional Trading of Dropbox

Institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Dropbox by 12.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after purchasing an additional 960,109 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in Dropbox by 26.4% during the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock worth $82,552,000 after buying an additional 627,111 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Dropbox by 4.7% during the third quarter. Russell Investments Group Ltd. now owns 2,237,858 shares of the company’s stock worth $75,519,000 after buying an additional 100,398 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Dropbox by 2.8% during the first quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock worth $46,530,000 after buying an additional 55,921 shares in the last quarter. Finally, KBC Group NV increased its holdings in Dropbox by 12.6% in the 1st quarter. KBC Group NV now owns 944,829 shares of the company’s stock valued at $21,466,000 after buying an additional 105,876 shares during the period. 94.84% of the stock is currently owned by institutional investors.

Dropbox Company Profile

Dropbox, Inc is a cloud software company that helps individuals and organizations store, access, sync and share files across devices. Its core Dropbox service also supports collaboration through shared folders, comments and tools for managing digital content.

The company offers products for a range of work and collaboration needs, including Dropbox Sign for electronic signatures and DocSend for sharing and tracking documents. Dropbox has also developed tools for reviewing creative content and organizing work, alongside integrations with other business applications.

Founded in 2007 by Drew Houston and Arash Ferdowsi, Dropbox serves customers around the world.