Insider Selling: Dropbox (NASDAQ:DBX) Insider Sells $539,644.70 in Stock

Dropbox, Inc. (NASDAQ:DBX) insider Eric Webster sold 15,830 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $34.09, for a total value of $539,644.70. Following the completion of the sale, the insider directly owned 416,236 shares in the company, valued at $14,189,485.24. The trade was a 3.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dropbox Price Performance

DBX opened at $34.47 on Friday. The business has a 50 day simple moving average of $30.41 and a two-hundred day simple moving average of $27.03. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 5.01 and a beta of 0.64. Dropbox, Inc. has a one year low of $21.69 and a one year high of $36.30.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. During the same period last year, the company earned $0.71 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts expect that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Dropbox

Institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in shares of Dropbox by 2.8% in the 1st quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock worth $46,530,000 after buying an additional 55,921 shares during the period. Arbejdsmarkedets Tillaegspension bought a new position in shares of Dropbox in the 4th quarter worth about $22,050,000. Pictet Asset Management Holding SA lifted its position in Dropbox by 317.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 125,144 shares of the company’s stock valued at $3,479,000 after acquiring an additional 95,146 shares during the period. ING Groep NV purchased a new position in Dropbox during the 4th quarter valued at about $1,223,000. Finally, Jupiter Asset Management Ltd. bought a new stake in Dropbox during the fourth quarter worth about $1,591,000. Institutional investors own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Weiss Ratings raised shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Zacks Research cut shares of Dropbox from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Citigroup increased their price target on shares of Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Finally, Bank of America restated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Dropbox currently has an average rating of “Reduce” and a consensus price target of $28.25.

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.