Karen Peacock Sells 2,000 Shares of Dropbox (NASDAQ:DBX) Stock

Key Points

• Dropbox director Karen Peacock sold 2,000 shares at an average price of $33, generating $66,000. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced her holdings by 8.21% to 22,366 shares.
• Dropbox shares rose 1.4% to $32.56 and remain near their 52-week high of $33.54. The company’s latest quarterly results exceeded expectations, with earnings of $0.76 per share and revenue of $629.5 million.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $27, despite several institutional investors increasing their stakes. Hedge funds and other institutions own 94.84% of Dropbox shares.

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) Director Karen Peacock sold 2,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.00, for a total transaction of $66,000.00. Following the sale, the director owned 22,366 shares of the company's stock, valued at approximately $738,078. This represents a 8.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Karen Peacock also recently made the following trade(s):

• On Tuesday, July 7th, Karen Peacock sold 2,000 shares of Dropbox stock. The stock was sold at an average price of $29.00, for a total value of $58,000.00.
• On Friday, May 15th, Karen Peacock sold 4,000 shares of Dropbox stock. The shares were sold at an average price of $26.50, for a total value of $106,000.00.

Dropbox Trading Up 1.4%

DBX stock traded up $0.45 during trading on Friday, reaching $32.56. The stock had a trading volume of 3,748,573 shares, compared to its average volume of 3,944,624. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $33.54. The stock's 50 day moving average is $28.20 and its two-hundred day moving average is $26.15. The firm has a market cap of $7.60 billion, a PE ratio of 17.79, a PEG ratio of 3.65 and a beta of 0.66.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The business had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. During the same period in the previous year, the company posted $0.70 EPS. The business's quarterly revenue was up .8% compared to the same quarter last year. On average, research analysts anticipate that Dropbox, Inc. will post 2.09 EPS for the current year.

Hedge Funds Weigh In On Dropbox

Several large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in shares of Dropbox by 7.3% in the first quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock worth $1,036,000 after purchasing an additional 2,655 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock worth $704,000 after acquiring an additional 2,405 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Dropbox by 88.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock worth $48,000 after purchasing an additional 787 shares in the last quarter. 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 valued at $436,000 after purchasing an additional 6,569 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in Dropbox by 360.9% in the 2nd quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock worth $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.

Analysts Set New Price Targets

Several research analysts have weighed in on DBX shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Wall Street Zen upgraded Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Dropbox in a report on Monday, May 4th. Finally, Citigroup lifted their target price on Dropbox from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $27.00.

Dropbox Company Profile

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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