Insider Selling: Dropbox (NASDAQ:DBX) Director Sells 4,598 Shares

Key Points

• Dropbox director Lisa Campbell sold 4,598 shares for approximately $159,918 under a pre-arranged Rule 10b5-1 trading plan, reducing her ownership by 19.1% to 19,471 shares.
• Dropbox shares rose 2.3% to $34.59, near their 12-month high of $36.37. The company recently exceeded quarterly EPS and revenue estimates, with revenue up 0.9% year over year.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and $30.75 target price, despite institutional investors owning 94.84% of the stock.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) Director Lisa Campbell sold 4,598 shares of the business's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $34.78, for a total value of $159,918.44. Following the transaction, the director owned 19,471 shares of the company's stock, valued at $677,201.38. The trade was a 19.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Trading Up 2.3%

Shares of NASDAQ:DBX traded up $0.78 during mid-day trading on Wednesday, reaching $34.59. The stock had a trading volume of 4,083,576 shares, compared to its average volume of 3,947,652. The firm has a market cap of $7.81 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 5.15 and a beta of 0.65. The firm has a 50 day simple moving average of $32.43 and a two-hundred day simple moving average of $27.91. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $36.37.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm had revenue of $631.50 million during the quarter, compared to analysts' expectations of $626.69 million. During the same quarter in the previous year, the company earned $0.71 earnings per share. The business's revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts anticipate that Dropbox, Inc. will post 1.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DBX. Bank of America reissued an "underperform" rating on shares of Dropbox in a report on Friday, August 7th. Weiss Ratings raised Dropbox from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 13th. Royal Bank Of Canada restated an "outperform" rating and issued a $42.00 price target on shares of Dropbox in a report on Thursday, September 3rd. Zacks Research lowered Dropbox from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 19th. Finally, Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $30.75.

Institutional Investors Weigh In On Dropbox

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DBX. California State Teachers Retirement System lifted its position in Dropbox by 2,565.8% during the 2nd quarter. California State Teachers Retirement System now owns 5,504,631 shares of the company's stock worth $151,212,000 after buying an additional 5,298,138 shares in the last quarter. Norges Bank bought a new position in shares of Dropbox in the 4th quarter valued at about $69,909,000. Arrowstreet Capital Limited Partnership increased its position in shares of Dropbox by 12.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company's stock valued at $193,886,000 after acquiring an additional 960,109 shares during the last quarter. Arbejdsmarkedets Tillaegspension bought a new stake in Dropbox during the fourth quarter worth about $22,050,000. Finally, Wedge Capital Management L L P NC boosted its position in Dropbox by 26.4% during the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company's stock valued at $82,552,000 after purchasing an additional 627,111 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.