Ali Dasdan Sells 11,332 Shares of Dropbox (NASDAQ:DBX) Stock

Dropbox, Inc. (NASDAQ:DBX) CTO Ali Dasdan sold 11,332 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total transaction of $386,761.16. Following the sale, the chief technology officer directly owned 471,052 shares in the company, valued at $16,077,004.76. This trade represents a 2.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dropbox Stock Performance

DBX opened at $34.00 on Friday. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $36.30. The company has a fifty day moving average of $30.26 and a two-hundred day moving average of $26.98. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 5.00 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The business had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. During the same period in the prior year, the company posted $0.71 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts forecast that Dropbox, Inc. will post 1.94 earnings per share for the current year.

Wall Street Analyst Weigh In

DBX has been the topic of several research analyst reports. Bank of America reissued an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Citigroup lifted their price target on shares of Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $28.25.

Hedge Funds Weigh In On Dropbox

Several hedge funds and other institutional investors have recently made changes to their positions in DBX. LSV Asset Management raised its stake in Dropbox by 1.1% in the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock valued at $326,251,000 after purchasing an additional 121,999 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in 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 last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock worth $153,935,000 after buying an additional 70,867 shares in the last quarter. Wedge Capital Management L L P NC raised its position in shares of Dropbox by 26.4% in the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock valued at $82,552,000 after buying an additional 627,111 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its position in shares of Dropbox by 28.1% in the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock valued at $75,626,000 after buying an additional 596,440 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

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.