Dropbox, Inc. (NASDAQ:DBX) CEO Sells $9,085,120.00 in Stock

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) CEO Andrew Houston sold 319,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company's stock, valued at $235,434,647.68. This represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Dropbox Stock Up 2.0%

Shares of DBX traded up $0.56 during trading hours on Monday, reaching $28.65. The company's stock had a trading volume of 3,629,280 shares, compared to its average volume of 3,433,448. The company has a 50 day moving average of $28.48 and a two-hundred day moving average of $28.88. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.33. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 1.70 and a beta of 0.66.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The firm had revenue of $624.70 million for the quarter, compared to the consensus estimate of $619.56 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The firm's revenue was down 1.0% on a year-over-year basis. As a group, analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Dropbox

A number of hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its holdings in Dropbox by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 126,321 shares of the company's stock worth $3,794,000 after buying an additional 333 shares during the last quarter. Allworth Financial LP increased its holdings in Dropbox by 33.5% in the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company's stock worth $45,000 after buying an additional 365 shares during the last quarter. Heron Bay Capital Management increased its holdings in Dropbox by 2.3% in the fourth quarter. Heron Bay Capital Management now owns 16,769 shares of the company's stock worth $504,000 after buying an additional 378 shares during the last quarter. Parallel Advisors LLC increased its holdings in Dropbox by 5.6% in the first quarter. Parallel Advisors LLC now owns 7,411 shares of the company's stock worth $198,000 after buying an additional 395 shares during the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in Dropbox by 5.1% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,419 shares of the company's stock valued at $256,000 after purchasing an additional 407 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DBX shares. Citigroup upped their target price on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th. UBS Group upped their target price on Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, May 9th.

Dropbox Company Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.