Dropbox (NASDAQ:DBX) Director Andrew William Moore Sells 8,443 Shares

Key Points

• Director Andrew William Moore sold 8,443 Dropbox shares on May 18 at an average price of $27.57, reducing his ownership by 64.06%. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• Dropbox reported better-than-expected quarterly results, posting EPS of $0.76 versus the $0.71 consensus and revenue of $629.5 million above estimates. Revenue rose 0.8% year over year, and analysts now expect full-year EPS of 2.03.
• Sentiment around the stock is mixed: RBC raised its price target to $32 and gave an outperform rating, while the overall analyst consensus remains Reduce with a $27 target. Institutional ownership remains high at 94.84% of shares outstanding.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) Director Andrew William Moore sold 8,443 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $232,773.51. Following the completion of the transaction, the director owned 4,737 shares in the company, valued at approximately $130,599.09. This trade represents a 64.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Price Performance

NASDAQ:DBX traded up $0.03 on Wednesday, reaching $27.56. The stock had a trading volume of 2,816,208 shares, compared to its average volume of 3,982,070. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 3.15 and a beta of 0.64. The firm's fifty day moving average is $24.57 and its two-hundred day moving average is $26.40. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The company's revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. As a group, research analysts forecast that Dropbox, Inc. will post 2.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. WealthCollab LLC raised its holdings in Dropbox by 20.6% in the fourth quarter. WealthCollab LLC now owns 2,356 shares of the company's stock valued at $65,000 after buying an additional 403 shares during the period. Parallel Advisors LLC raised its holdings in Dropbox by 8.3% in the fourth quarter. Parallel Advisors LLC now owns 5,765 shares of the company's stock valued at $160,000 after buying an additional 440 shares during the period. Lakewood Asset Management LLC raised its holdings in Dropbox by 1.0% in the fourth quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company's stock valued at $1,248,000 after buying an additional 458 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Dropbox by 1.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company's stock valued at $730,000 after buying an additional 466 shares during the period. Finally, Merit Financial Group LLC raised its holdings in Dropbox by 4.4% in the third quarter. Merit Financial Group LLC now owns 11,385 shares of the company's stock valued at $344,000 after buying an additional 480 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Key Dropbox News

Here are the key news stories impacting Dropbox this week:

• Positive Sentiment: Dropbox’s recent quarterly results topped expectations, with EPS of $0.76 versus $0.71 expected and revenue of $629.5 million above estimates, reinforcing the company’s profitability and steady execution. In addition, Wall Street Zen upgraded the stock to buy and RBC lifted its price target to $32, which may be helping sentiment. Article Title
• Neutral Sentiment: Dropbox was highlighted by Zacks as a strong value stock, reflecting its relatively low valuation metrics and appeal to investors looking for a cheaper software name. Article Title
• Neutral Sentiment: Several insiders, including the CEO, CTO, CAO, and two directors, recently sold shares, but the trades were made under pre-arranged 10b5-1 plans and in some cases were tied to tax withholding on vested equity awards, which makes them less likely to signal a negative fundamental view. Article Title

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. William Blair reiterated an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Dropbox in a report on Monday, May 4th. Citigroup increased their price objective on shares of Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Royal Bank Of Canada increased their price objective on shares of Dropbox from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Dropbox from $29.00 to $25.00 and set a "neutral" rating on the stock in a report on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.