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

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 business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider directly owned 459,333 shares in the company, valued at $13,779,990. The trade was a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $27.30, for a total value of $275,675.40.
• On Friday, June 13th, Ashraf Alkarmi sold 10,098 shares of Dropbox stock. The stock was sold at an average price of $28.10, for a total value of $283,753.80.

Dropbox Stock Up 3.1%

NASDAQ DBX traded up $0.96 during trading hours on Monday, hitting $31.87. 3,306,444 shares of the company were exchanged, compared to its average volume of 2,996,801. Dropbox, Inc. has a 52 week low of $24.25 and a 52 week high of $33.33. The stock has a 50-day moving average price of $28.14 and a 200 day moving average price of $27.89. The stock has a market cap of $8.60 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 4.09 and a beta of 0.69.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The business 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 earnings per share. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analyst Ratings Changes

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

Institutional Trading of Dropbox

Hedge funds have recently bought and sold shares of the stock. Elequin Capital LP lifted its holdings in Dropbox by 71.0% during the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after buying an additional 469 shares during the period. Neo Ivy Capital Management purchased a new stake in Dropbox during the second quarter worth $30,000. Geneos Wealth Management Inc. lifted its holdings in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock worth $36,000 after buying an additional 558 shares during the period. Brooklyn Investment Group lifted its holdings in Dropbox by 250.3% during the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after buying an additional 991 shares during the period. Finally, Cullen Frost Bankers Inc. purchased a new stake in Dropbox during the second quarter worth $41,000. Hedge funds and other institutional investors own 94.84% of the company's stock.

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.