Dropbox (NASDAQ:DBX) Director Sells 2,000 Shares of Stock

Key Points

• Dropbox director Karen Peacock sold 2,000 shares on July 7 at an average price of $29.00, totaling $58,000. After the sale, she still owned 24,366 shares, and the move was made under a pre-arranged Rule 10b5-1 trading plan.
• Dropbox shares rose 2.0% to $29.41, trading near the upper end of their 52-week range of $21.69 to $32.40. The company’s market cap was reported at $6.86 billion.
• Recent results beat expectations, with quarterly EPS of $0.76 versus the $0.71 consensus and revenue of $629.5 million versus estimates of $620.56 million. Analysts currently have a consensus rating of “Reduce” and an average price target of $27.00.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) Director Karen Peacock sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $29.00, for a total value of $58,000.00. Following the sale, the director directly owned 24,366 shares of the company's stock, valued at approximately $706,614. This represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Karen Peacock also recently made the following trade(s):

• On Friday, May 15th, Karen Peacock sold 4,000 shares of Dropbox stock. The stock was sold at an average price of $26.50, for a total transaction of $106,000.00.

Dropbox Stock Up 2.0%

DBX traded up $0.58 during trading on Thursday, hitting $29.41. 2,221,018 shares of the company traded hands, compared to its average volume of 3,963,560. Dropbox, Inc. has a one year low of $21.69 and a one year high of $32.40. The stock's fifty day moving average is $26.89 and its 200 day moving average is $25.87. The firm has a market cap of $6.86 billion, a P/E ratio of 16.07, a price-to-earnings-growth ratio of 3.16 and a beta of 0.66.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS 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 for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, equities research analysts forecast that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Institutional Trading of Dropbox

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Dropbox in the 4th quarter valued at approximately $69,909,000. Arrowstreet Capital Limited Partnership raised its holdings in Dropbox by 12.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company's stock valued at $193,886,000 after acquiring an additional 960,109 shares during the period. Arbejdsmarkedets Tillaegspension purchased a new stake in shares of Dropbox during the fourth quarter worth $22,050,000. Allianz Asset Management GmbH lifted its position in shares of Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company's stock worth $75,626,000 after acquiring an additional 596,440 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Dropbox by 29.1% in the third quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock worth $75,165,000 after acquiring an additional 560,694 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DBX has been the topic of several research analyst reports. Citigroup upped their price objective on Dropbox from $27.00 to $28.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Royal Bank Of Canada restated an "outperform" rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Dropbox in a research report on Monday, May 4th. Wall Street Zen upgraded Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. Finally, William Blair reissued an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target 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.

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