Dropbox (DBX) Shares Gap Up to $24.74

Dropbox Inc (NASDAQ:DBX) gapped up prior to trading on Friday . The stock had previously closed at $22.46, but opened at $24.74. Dropbox shares last traded at $25.55, with a volume of 14737294 shares traded.

Several research firms have recently commented on DBX. Canaccord Genuity dropped their target price on shares of Dropbox from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Friday. Jefferies Financial Group raised shares of Dropbox from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Wednesday, August 1st. They noted that the move was a valuation call. Zacks Investment Research cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. Nomura raised shares of Dropbox from a “reduce” rating to a “neutral” rating and raised their target price for the stock from $21.00 to $25.00 in a research report on Tuesday, October 2nd. Finally, Monness Crespi & Hardt began coverage on shares of Dropbox in a research report on Monday, August 27th. They issued a “neutral” rating for the company. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Dropbox currently has a consensus rating of “Buy” and an average price target of $34.36.

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.39 and a current ratio of 1.39.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, November 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.07). The company had revenue of $360.30 million for the quarter, compared to the consensus estimate of $352.74 million. Dropbox’s revenue was up 25.7% compared to the same quarter last year. As a group, analysts expect that Dropbox Inc will post 0.31 earnings per share for the current year.

In related news, CFO Ajay Vashee sold 13,731 shares of Dropbox stock in a transaction dated Wednesday, October 24th. The shares were sold at an average price of $22.78, for a total transaction of $312,792.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Dennis Woodside sold 187,274 shares of Dropbox stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $27.22, for a total transaction of $5,097,598.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 469,194 shares of company stock valued at $12,546,564.

Large investors have recently added to or reduced their stakes in the business. LPL Financial LLC bought a new stake in Dropbox during the 1st quarter valued at about $886,000. Cambridge Investment Research Advisors Inc. increased its stake in Dropbox by 41.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,914 shares of the company’s stock valued at $581,000 after purchasing an additional 5,271 shares in the last quarter. Federated Investors Inc. PA increased its stake in Dropbox by 24.7% during the 2nd quarter. Federated Investors Inc. PA now owns 1,618,714 shares of the company’s stock valued at $52,479,000 after purchasing an additional 320,380 shares in the last quarter. Peregrine Asset Advisers Inc. bought a new stake in Dropbox during the 2nd quarter valued at about $2,181,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Dropbox during the 2nd quarter valued at about $254,000. Institutional investors and hedge funds own 14.68% of the company’s stock.

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Dropbox Company Profile (NASDAQ:DBX)

Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc has strategic partnership with Zoom Video Communications, Inc Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.

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