Dropbox (NASDAQ:DBX) Insider Ashraf Alkarmi Sells 10,000 Shares

Key Points

• Insider Ashraf Alkarmi sold 10,000 shares of Dropbox at an average price of $30.00, totaling $300,000, which resulted in a 2.13% decrease in his holdings.
• Dropbox's stock has recently traded down by 1.6%, reaching $30.71, with a market capitalization of $8.29 billion.
• Recent analyst ratings have indicated a downgrade of Dropbox from a "buy" to a "hold," with UBS lowering its target price from $31.00 to $29.00.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) insider Ashraf Alkarmi sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the insider directly owned 459,333 shares of the company's stock, valued at approximately $13,779,990. This represents a 2.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Ashraf Alkarmi also recently made the following trade(s):

• On Monday, August 18th, Ashraf Alkarmi sold 10,098 shares of Dropbox stock. The shares were sold at an average price of $27.30, for a total transaction of $275,675.40.
• On Friday, June 13th, Ashraf Alkarmi sold 10,098 shares of Dropbox stock. The shares were sold at an average price of $28.10, for a total transaction of $283,753.80.

Dropbox Trading Down 1.6%

Shares of Dropbox stock traded down $0.49 during midday trading on Wednesday, reaching $30.71. The company had a trading volume of 3,876,334 shares, compared to its average volume of 3,723,299. The company has a market capitalization of $8.29 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 4.01 and a beta of 0.70. The stock has a fifty day simple moving average of $27.87 and a 200 day simple moving average of $27.74. Dropbox, Inc. has a 1-year low of $23.33 and a 1-year high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $618.60 million. During the same quarter in the previous year, the business earned $0.60 EPS. The business's quarterly revenue was down 1.4% compared to the same quarter last year. Sell-side analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Dropbox

Several institutional investors have recently added to or reduced their stakes in the stock. SGL Investment Advisors Inc. lifted its position in Dropbox by 2.4% in the 2nd quarter. SGL Investment Advisors Inc. now owns 16,143 shares of the company's stock valued at $442,000 after acquiring an additional 375 shares in the last quarter. Parallel Advisors LLC lifted its position in Dropbox by 5.6% in the 1st quarter. Parallel Advisors LLC now owns 7,411 shares of the company's stock valued at $198,000 after acquiring an additional 395 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in Dropbox by 33.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after acquiring an additional 449 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Dropbox by 5.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,607 shares of the company's stock valued at $246,000 after acquiring an additional 461 shares in the last quarter. Finally, Elequin Capital LP lifted its position in Dropbox by 71.0% in the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after acquiring an additional 469 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.