Dropbox (NASDAQ:DBX) Shares Down 5.5% After Analyst Downgrade

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Dropbox Inc (NASDAQ:DBX)’s stock price dropped 5.5% during mid-day trading on Friday after Jefferies Financial Group lowered their price target on the stock from $32.00 to $28.00. Jefferies Financial Group currently has a buy rating on the stock. Dropbox traded as low as $18.86 and last traded at $19.80, approximately 9,567,592 shares changed hands during mid-day trading. An increase of 166% from the average daily volume of 3,590,477 shares. The stock had previously closed at $20.96.

Several other equities research analysts also recently issued reports on DBX. Sanford C. Bernstein initiated coverage on shares of Dropbox in a research report on Wednesday, August 7th. They set an “underperform” rating and a $19.00 price objective for the company. Zacks Investment Research upgraded shares of Dropbox from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, October 9th. Royal Bank of Canada dropped coverage on shares of Dropbox in a research report on Thursday, September 26th. ValuEngine upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, DA Davidson dropped coverage on shares of Dropbox in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $28.10.

In other news, CAO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $19.46, for a total value of $58,380.00. Also, Director Condoleezza Rice sold 23,943 shares of Dropbox stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $18.38, for a total transaction of $440,072.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,276 shares of company stock valued at $1,666,898. 31.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. bought a new position in Dropbox in the third quarter valued at approximately $27,000. Meridian Wealth Management LLC bought a new position in Dropbox in the second quarter valued at approximately $34,000. Glen Harbor Capital Management LLC increased its stake in Dropbox by 203.0% in the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after acquiring an additional 1,072 shares during the last quarter. CSat Investment Advisory L.P. bought a new position in Dropbox in the second quarter valued at approximately $45,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in Dropbox in the second quarter valued at approximately $55,000. Institutional investors own 39.78% of the company’s stock.

The firm has a market capitalization of $8.63 billion, a P/E ratio of -15.11 and a beta of 1.56. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.99. The business’s 50 day moving average is $19.73 and its 200-day moving average is $21.72.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.17. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The firm had revenue of $428.20 million for the quarter, compared to analyst estimates of $423.48 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts forecast that Dropbox Inc will post -0.12 EPS for the current fiscal year.

Dropbox Company Profile (NASDAQ:DBX)

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.

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