Eric Webster Sells 15,830 Shares of Dropbox (NASDAQ:DBX) Stock

Key Points

• Dropbox insider Eric Webster sold 15,830 shares at an average price of $34.09, generating $539,644.70. The sale covered tax-withholding obligations tied to vested equity awards, leaving him with 416,236 shares.
• Dropbox reported quarterly EPS of $0.75, slightly ahead of the $0.74 consensus estimate, while revenue of $631.5 million also exceeded expectations. Revenue increased 0.9% year over year.
• Shares traded near $33.99, close to the company’s 52-week high of $36.30, but analysts’ consensus rating remained “Reduce” with an average price target of $28.25.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) insider Eric Webster sold 15,830 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $34.09, for a total transaction of $539,644.70. Following the completion of the sale, the insider owned 416,236 shares in the company, valued at approximately $14,189,485.24. The trade was a 3.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dropbox Stock Performance

Shares of DBX traded up $0.12 during midday trading on Wednesday, hitting $33.99. 2,883,453 shares of the company traded hands, compared to its average volume of 4,007,886. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 18.88, a PEG ratio of 4.70 and a beta of 0.64. The firm has a 50 day moving average of $30.00 and a 200-day moving average of $26.86. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $36.30.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million for the quarter, compared to analysts' expectations of $626.69 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The business's revenue was up .9% compared to the same quarter last year. Sell-side analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Dropbox

Several large investors have recently modified their holdings of DBX. Palisade Asset Management LLC purchased a new position in Dropbox during the third quarter worth $30,000. Kestra Advisory Services LLC purchased a new stake in shares of Dropbox in the fourth quarter valued at $31,000. Larson Financial Group LLC raised its stake in shares of Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company's stock valued at $32,000 after acquiring an additional 791 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock worth $36,000 after acquiring an additional 558 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Dropbox in the 4th quarter worth about $38,000. Institutional investors own 94.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Royal Bank Of Canada reiterated an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Bank of America reaffirmed an "underperform" rating on shares of Dropbox in a research note on Friday, August 7th. William Blair upgraded shares of Dropbox from an "underperform" rating to a "market perform" rating in a research report on Friday, August 7th. Weiss Ratings raised shares of Dropbox from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 13th. Finally, Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $28.25.

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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