UBS Group Cuts Dropbox (NASDAQ:DBX) Price Target to $29.00

Key Points

• UBS Group has lowered its price target for Dropbox (NASDAQ:DBX) from $31.00 to $29.00, maintaining a "neutral" rating, indicating a potential upside of 9.17% from the previous close.
• Citigroup also increased its price target on Dropbox shares from $30.00 to $32.00, while also assigning a "neutral" rating.
• In recent trading, Dropbox's stock price was reported at $26.56, with a 52-week low of $21.82 and a high of $33.33.

Dropbox (NASDAQ:DBX - Free Report) had its price target decreased by UBS Group from $31.00 to $29.00 in a research report released on Friday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Separately, Citigroup lifted their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th.

Dropbox Stock Performance

Shares of NASDAQ:DBX traded up $0.18 during midday trading on Friday, reaching $27.51. 555,196 shares of the company's stock were exchanged, compared to its average volume of 3,761,475. The company's 50 day simple moving average is $27.79 and its two-hundred day simple moving average is $28.19. The firm has a market capitalization of $7.74 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 3.61 and a beta of 0.64. Dropbox has a 12 month low of $22.32 and a 12 month high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. During the same period last year, the firm earned $0.60 EPS. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. On average, research analysts anticipate that Dropbox will post 1.64 earnings per share for the current year.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 319,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $28.48, for a total value of $9,085,120.00. Following the completion of the transaction, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at approximately $235,434,647.68. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider William T. Yoon sold 5,449 shares of Dropbox stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.94, for a total transaction of $157,694.06. Following the sale, the insider owned 245,837 shares of the company's stock, valued at approximately $7,114,522.78. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 466,125 shares of company stock valued at $13,221,355. Insiders own 28.59% of the company's stock.

Institutional Investors Weigh In On Dropbox

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in shares of Dropbox during the 1st quarter worth approximately $647,000. Rehmann Capital Advisory Group acquired a new position in shares of Dropbox in the first quarter valued at approximately $675,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Dropbox by 8.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,761,252 shares of the company's stock worth $52,908,000 after purchasing an additional 137,916 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Dropbox by 31.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock worth $1,187,000 after purchasing an additional 9,570 shares during the last quarter. Finally, Commerce Bank boosted its holdings in Dropbox by 94.9% during the first quarter. Commerce Bank now owns 203,052 shares of the company's stock worth $5,424,000 after purchasing an additional 98,867 shares during the last quarter. Institutional investors and hedge funds 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.