Citigroup Issues Positive Forecast for Dropbox (NASDAQ:DBX) Stock Price

Dropbox (NASDAQ:DBX) had its price target increased by equities research analysts at Citigroup from $30.00 to $32.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 8.62% from the stock’s previous close.

Dropbox Stock Performance

Dropbox stock opened at $29.46 on Friday. The stock has a market cap of $8.89 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 1.70 and a beta of 0.68. The stock has a 50-day moving average of $27.08 and a two-hundred day moving average of $28.54. Dropbox has a one year low of $20.68 and a one year high of $33.33.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.62 by $0.08. The firm had revenue of $624.70 million during the quarter, compared to analyst estimates of $619.56 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. Dropbox’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm posted $0.58 EPS. As a group, sell-side analysts predict that Dropbox will post 1.64 EPS for the current fiscal year.

Insider Activity at Dropbox

In other news, insider Eric Cox sold 3,765 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the sale, the insider now owns 309,550 shares in the company, valued at $8,141,165. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $28.29, for a total transaction of $70,725.00. Following the completion of the sale, the chief financial officer now directly owns 562,568 shares in the company, valued at approximately $15,915,048.72. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,265 shares of company stock valued at $303,520 in the last ninety days. Company insiders own 29.95% of the company’s stock.

Institutional Trading of Dropbox

A number of hedge funds have recently modified their holdings of DBX. EverSource Wealth Advisors LLC lifted its holdings in Dropbox by 96.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock valued at $26,000 after acquiring an additional 424 shares during the period. Avion Wealth grew its position in Dropbox by 4,472.7% during the fourth quarter. Avion Wealth now owns 1,006 shares of the company’s stock valued at $30,000 after buying an additional 984 shares during the period. True Wealth Design LLC increased its holdings in Dropbox by 191.0% in the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company’s stock valued at $31,000 after buying an additional 680 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Dropbox in the fourth quarter worth about $40,000. Finally, Allworth Financial LP boosted its stake in shares of Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock worth $45,000 after acquiring an additional 365 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.