William Yoon Sells 12,382 Shares of Dropbox (NASDAQ:DBX) Stock

Key Points

• Dropbox insider William Yoon sold 12,382 shares for approximately $430,646 under a pre-arranged Rule 10b5-1 plan, reducing his position by 3.27% to 366,693 shares.
• DBX shares rose 2.3% to $34.59, near the upper end of their 12-month range. Dropbox recently exceeded quarterly earnings and revenue expectations, reporting $0.75 EPS and $631.5 million in revenue.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $30.75 target price, despite institutional investors owning 94.84% of the company and some firms maintaining bullish ratings.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) insider William Yoon sold 12,382 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $34.78, for a total transaction of $430,645.96. Following the transaction, the insider owned 366,693 shares in the company, valued at approximately $12,753,582.54. This trade represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Trading Up 2.3%

DBX stock traded up $0.78 on Wednesday, hitting $34.59. The company had a trading volume of 4,083,576 shares, compared to its average volume of 3,947,652. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $36.37. The stock has a market cap of $7.81 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 5.15 and a beta of 0.65. The stock's 50-day simple moving average is $32.43 and its 200 day simple moving average is $27.91.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. The firm had revenue of $631.50 million for the quarter, compared to analysts' expectations of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The company's revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 EPS. Research analysts forecast that Dropbox, Inc. will post 1.93 earnings per share for the current year.

Institutional Trading of Dropbox

A number of hedge funds and other institutional investors have recently bought and sold shares of DBX. Empowered Funds LLC lifted its position in shares of Dropbox by 7.3% during the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock valued at $1,036,000 after buying an additional 2,655 shares in the last quarter. Cetera Investment Advisers increased its holdings in Dropbox by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock worth $704,000 after acquiring an additional 2,405 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Dropbox by 88.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock worth $48,000 after acquiring an additional 787 shares during the period. Cresset Asset Management LLC raised its stake in Dropbox by 75.8% during the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company's stock worth $436,000 after acquiring an additional 6,569 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in Dropbox by 360.9% during the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock valued at $3,371,000 after purchasing an additional 92,280 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Citigroup boosted their price target on Dropbox from $28.00 to $33.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Dropbox from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 13th. Zacks Research downgraded shares of Dropbox from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 19th. Bank of America restated an "underperform" rating on shares of Dropbox in a research report on Friday, August 7th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $42.00 target price on shares of Dropbox in a report on Thursday, September 3rd. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $30.75.

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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