Dropbox (NASDAQ:DBX) Stock Price Target Raised at JPMorgan Chase & Co.

Dropbox (NASDAQ:DBX) had its price objective hoisted by JPMorgan Chase & Co. from $35.00 to $36.00 in a research note released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages have also recently commented on DBX. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. UBS Group upped their target price on shares of Dropbox from $23.00 to $26.00 and gave the stock a “sell” rating in a research report on Friday. Zacks Research upgraded Dropbox from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Weiss Ratings upgraded Dropbox from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Finally, Stephens started coverage on Dropbox in a research note on Tuesday, November 3rd. They issued an “equal weight” rating and a $39.00 price objective for the company. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $35.60.

Dropbox Price Performance

Dropbox stock opened at $34.66 on Friday. The stock’s 50 day moving average price is $35.29 and its 200 day moving average price is $29.25. Dropbox has a 1-year low of $21.69 and a 1-year high of $38.22. The company has a market cap of $7.82 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 2.84 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.15. Dropbox had a negative return on equity of 22.35% and a net margin of 17.17%. The firm had revenue of $637.30 million during the quarter, compared to analysts’ expectations of $629.59 million. During the same quarter in the prior year, the business posted $0.74 earnings per share. Dropbox’s revenue was up .5% compared to the same quarter last year. On average, equities research analysts anticipate that Dropbox will post 2.33 EPS for the current fiscal year.

Insider Activity

In other Dropbox news, insider Eric Webster sold 15,830 shares of Dropbox stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total transaction of $539,644.70. Following the completion of the transaction, the insider owned 416,236 shares in the company, valued at approximately $14,189,485.24. The trade was a 3.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Ross Tennenbaum sold 97,558 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $35.02, for a total transaction of $3,416,481.16. Following the completion of the sale, the chief financial officer directly owned 690,666 shares in the company, valued at $24,187,123.32. This trade represents a 12.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,331,268 shares of company stock worth $46,553,783 in the last three months. Company insiders own 35.48% of the company’s stock.

Institutional Investors Weigh In On Dropbox

A number of large investors have recently bought and sold shares of DBX. Russell Investments Group Ltd. lifted its position in Dropbox by 4.7% during the third quarter. Russell Investments Group Ltd. now owns 2,237,858 shares of the company’s stock worth $75,519,000 after buying an additional 100,398 shares during the period. Ritholtz Wealth Management grew its holdings in Dropbox by 277.3% in the 3rd quarter. Ritholtz Wealth Management now owns 30,931 shares of the company’s stock valued at $1,047,000 after buying an additional 22,733 shares during the period. Lido Advisors LLC acquired a new position in shares of Dropbox during the 3rd quarter valued at about $375,000. Fulcrum Asset Management LLP increased its stake in shares of Dropbox by 2,431.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 18,254 shares of the company’s stock valued at $597,000 after acquiring an additional 17,533 shares during the last quarter. Finally, Ethic Inc. purchased a new position in shares of Dropbox during the 3rd quarter worth about $211,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc is a cloud software company that helps individuals and organizations store, access, sync and share files across devices. Its core Dropbox service also supports collaboration through shared folders, comments and tools for managing digital content.

The company offers products for a range of work and collaboration needs, including Dropbox Sign for electronic signatures and DocSend for sharing and tracking documents. Dropbox has also developed tools for reviewing creative content and organizing work, alongside integrations with other business applications.

Founded in 2007 by Drew Houston and Arash Ferdowsi, Dropbox serves customers around the world.