Dropbox (NASDAQ:DBX) CEO Andrew Houston Sells 354,300 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 354,300 shares of Dropbox stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $34.01, for a total value of $12,049,743.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Houston also recently made the following trade(s):

• On Thursday, September 10th, Andrew Houston sold 383,800 shares of Dropbox stock. The shares were sold at an average price of $35.02, for a total value of $13,440,676.00.

Dropbox Trading Up 1.4%

Shares of DBX stock traded up $0.47 on Monday, reaching $34.37. The company’s stock had a trading volume of 4,075,531 shares, compared to its average volume of 4,053,537. The stock’s fifty day simple moving average is $34.43 and its 200-day simple moving average is $29.09. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $38.17. The company has a market capitalization of $7.76 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 4.99 and a beta of 0.63.

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

Institutional Trading of Dropbox

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DBX. Norges Bank bought a new stake in Dropbox in the fourth quarter worth about $69,909,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Dropbox by 12.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after buying an additional 960,109 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Dropbox by 26.4% during 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. Allianz Asset Management GmbH raised its holdings 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 worth $75,626,000 after buying an additional 596,440 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Dropbox in the first quarter worth approximately $5,221,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DBX has been the subject of a number of analyst reports. Weiss Ratings raised shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Zacks Research cut Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Finally, William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $29.75.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access files across devices, synchronize content and manage collaboration through web, desktop and mobile applications.

The company’s product portfolio includes Dropbox for cloud storage and file collaboration, Dropbox Sign for electronic signatures and document workflows, and DocSend for securely sharing and tracking business documents.