Dropbox (NASDAQ:DBX) Director Abhay Parasnis Sells 1,782 Shares

Key Points

• Abhay Parasnis, a director at Dropbox, sold 1,782 shares of the company’s stock for a total of $52,569, reducing his position by 4.40% as of September 5th.
• Dropbox's shares recently increased to $31.20, with a market cap of approximately $8.42 billion, reflecting a growth compared to the stock's 52-week low of $23.25.
• The company reported $0.71 EPS for the last quarter, exceeding analysts' expectations, but quarterly revenue declined 1.4% year-over-year.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) Director Abhay Parasnis sold 1,782 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $29.50, for a total value of $52,569.00. Following the completion of the sale, the director owned 38,740 shares of the company's stock, valued at approximately $1,142,830. This represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Abhay Parasnis also recently made the following trade(s):

• On Wednesday, August 20th, Abhay Parasnis sold 3,564 shares of Dropbox stock. The shares were sold at an average price of $28.26, for a total value of $100,718.64.

Dropbox Stock Performance

DBX stock remained flat at $30.91 during mid-day trading on Friday. The company's stock had a trading volume of 2,280,425 shares, compared to its average volume of 3,058,630. The firm has a market cap of $8.34 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 4.09 and a beta of 0.70. Dropbox, Inc. has a fifty-two week low of $24.25 and a fifty-two week high of $33.33. The company has a fifty day simple moving average of $28.05 and a 200 day simple moving average of $27.84.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The firm had revenue of $625.70 million for the quarter, compared to analysts' expectations of $618.60 million. During the same quarter last year, the firm earned $0.60 EPS. The company's quarterly revenue was down 1.4% compared to the same quarter last year. On average, equities analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DBX. Elequin Capital LP grew its position in shares of Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after purchasing an additional 469 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Dropbox in the second quarter worth $30,000. Geneos Wealth Management Inc. grew its position in Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock worth $36,000 after acquiring an additional 558 shares in the last quarter. Brooklyn Investment Group grew its position in Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after acquiring an additional 991 shares in the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new position in Dropbox in the second quarter worth $41,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on DBX. Wall Street Zen cut shares of Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. UBS Group lowered their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a report on Friday, August 8th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $30.33.

About Dropbox

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.