Dropbox Inc (DBX) Receives $34.54 Consensus Target Price from Brokerages

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Dropbox Inc (NASDAQ:DBX) has been given a consensus rating of “Buy” by the fifteen research firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $34.31.

Several brokerages have issued reports on DBX. Canaccord Genuity cut their price target on Dropbox from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Friday. Nomura upgraded Dropbox from a “reduce” rating to a “neutral” rating and increased their price target for the stock from $21.00 to $25.00 in a report on Tuesday, October 2nd. Monness Crespi & Hardt began coverage on Dropbox in a report on Monday, August 27th. They issued a “neutral” rating on the stock. Zacks Investment Research lowered Dropbox from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Finally, JMP Securities increased their price target on Dropbox from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, August 10th.

NASDAQ:DBX traded up $0.81 on Friday, hitting $25.55. The stock had a trading volume of 14,736,187 shares, compared to its average volume of 2,488,557. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.12. Dropbox has a 52 week low of $21.36 and a 52 week high of $43.50.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, November 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.07). The business had revenue of $360.30 million during the quarter, compared to analyst estimates of $352.74 million. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. On average, research analysts expect that Dropbox will post 0.31 earnings per share for the current fiscal year.

In other news, CFO Ajay Vashee sold 13,731 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $27.23, for a total value of $373,895.13. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Dennis Woodside sold 187,274 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $27.22, for a total value of $5,097,598.28. The disclosure for this sale can be found here. Insiders sold 469,194 shares of company stock worth $12,546,564 in the last 90 days.

Institutional investors and hedge funds have recently modified their holdings of the stock. LPL Financial LLC purchased a new stake in shares of Dropbox during the first quarter valued at approximately $886,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Dropbox by 41.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 17,914 shares of the company’s stock valued at $581,000 after acquiring an additional 5,271 shares during the last quarter. Federated Investors Inc. PA increased its position in shares of Dropbox by 24.7% during the second quarter. Federated Investors Inc. PA now owns 1,618,714 shares of the company’s stock valued at $52,479,000 after acquiring an additional 320,380 shares during the last quarter. Peregrine Asset Advisers Inc. purchased a new stake in shares of Dropbox during the second quarter valued at approximately $2,181,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Dropbox during the second quarter valued at approximately $254,000. 14.68% of the stock is owned by institutional investors.

Dropbox Company Profile

Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc has strategic partnership with Zoom Video Communications, Inc Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.

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