Insider Selling: Dropbox (NASDAQ:DBX) CEO Sells $632,422.00 in Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Ashraf Alkarmi sold 22,700 shares of Dropbox stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total value of $632,422.00. Following the completion of the transaction, the chief executive officer owned 1,080,746 shares in the company, valued at $30,109,583.56. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Dropbox Price Performance

DBX opened at $27.52 on Friday. The business’s 50-day moving average is $25.11 and its two-hundred day moving average is $26.19. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $32.40. The firm has a market capitalization of $6.42 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 2.98 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $620.56 million. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The company’s revenue was up .8% on a year-over-year basis. As a group, sell-side analysts expect that Dropbox, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a report on Monday. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. UBS Group decreased their price target on Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. decreased their price target on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $27.00.

Institutional Trading of Dropbox

Several large investors have recently added to or reduced their stakes in DBX. LSV Asset Management grew its holdings in shares of Dropbox by 1.1% during the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock worth $326,251,000 after purchasing an additional 121,999 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Dropbox by 12.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock worth $193,886,000 after purchasing an additional 960,109 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Dropbox by 1.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock worth $153,935,000 after purchasing an additional 70,867 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Dropbox by 28.1% during the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after purchasing an additional 596,440 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Dropbox by 22.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock worth $70,015,000 after purchasing an additional 463,258 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

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.