Dropbox (NASDAQ:DBX) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Dropbox (NASDAQ:DBXGet Rating) posted its quarterly earnings data on Thursday. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01, Briefing.com reports. Dropbox had a negative return on equity of 146.35% and a net margin of 16.66%. The company had revenue of $572.70 million during the quarter, compared to analysts’ expectations of $571.27 million. During the same period in the prior year, the firm earned $0.24 earnings per share. Dropbox’s revenue for the quarter was up 7.9% compared to the same quarter last year.

Dropbox Price Performance

NASDAQ:DBX traded down $0.44 during trading hours on Friday, reaching $23.55. 3,416,075 shares of the company were exchanged, compared to its average volume of 3,504,431. The company has a market capitalization of $8.85 billion, a P/E ratio of 25.05 and a beta of 0.84. Dropbox has a 1-year low of $19.07 and a 1-year high of $33.00. The business has a 50 day moving average of $22.06 and a 200 day moving average of $22.35.

Insider Buying and Selling

In related news, insider Bart Volkmer sold 11,270 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $20.36, for a total transaction of $229,457.20. Following the sale, the insider now owns 353,143 shares of the company’s stock, valued at $7,189,991.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Dropbox news, President Timothy H. Young sold 15,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $22.68, for a total value of $340,200.00. Following the sale, the president now owns 1,617,257 shares of the company’s stock, valued at approximately $36,679,388.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bart Volkmer sold 11,270 shares of the firm’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $20.36, for a total value of $229,457.20. Following the completion of the sale, the insider now directly owns 353,143 shares in the company, valued at approximately $7,189,991.48. The disclosure for this sale can be found here. Insiders have sold 96,086 shares of company stock valued at $2,055,883 over the last 90 days. 25.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dropbox

Hedge funds have recently modified their holdings of the company. Covestor Ltd boosted its holdings in shares of Dropbox by 446.6% during the 1st quarter. Covestor Ltd now owns 1,372 shares of the company’s stock valued at $32,000 after acquiring an additional 1,121 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in Dropbox by 1,150.2% during the 1st quarter. Brown Brothers Harriman & Co. now owns 5,226 shares of the company’s stock worth $122,000 after purchasing an additional 4,808 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Dropbox by 19.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock worth $133,000 after purchasing an additional 918 shares during the last quarter. Atria Wealth Solutions Inc. bought a new position in Dropbox during the 1st quarter worth $201,000. Finally, Centaurus Financial Inc. raised its position in Dropbox by 37.5% during the 1st quarter. Centaurus Financial Inc. now owns 9,175 shares of the company’s stock worth $213,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 61.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group dropped their target price on Dropbox from $35.00 to $30.00 in a report on Monday, May 23rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.75.

Dropbox Company Profile

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Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers the following products: Dropbox Basic, Dropbox Plus, Dropbox Professional, and Dropbox Business. The Dropbox Basic is the simple, powerful home for photos, videos, documents, and other files.

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Earnings History for Dropbox (NASDAQ:DBX)

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