Sanford C. Bernstein Begins Coverage on Dropbox (NASDAQ:DBX)

Sanford C. Bernstein initiated coverage on shares of Dropbox (NASDAQ:DBX) in a research note published on Wednesday morning, BenzingaRatingsTable reports. The firm issued an underperform rating and a $19.00 target price on the stock.

Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Dropbox from a hold rating to a buy rating and set a $28.00 price target on the stock in a research report on Wednesday, July 3rd. TheStreet upgraded shares of Dropbox from a d+ rating to a c- rating in a research report on Friday, July 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Dropbox currently has a consensus rating of Buy and a consensus target price of $30.13.

Shares of NASDAQ DBX traded down $2.75 during midday trading on Wednesday, hitting $18.71. 19,201,594 shares of the company traded hands, compared to its average volume of 3,305,648. Dropbox has a 12-month low of $18.40 and a 12-month high of $32.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.78. The firm has a 50-day moving average of $24.39. The company has a market capitalization of $9.74 billion, a price-to-earnings ratio of -14.28 and a beta of 1.39.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.15. Dropbox had a negative net margin of 1.85% and a negative return on equity of 3.50%. The company had revenue of $401.50 million for the quarter, compared to analysts’ expectations of $401.09 million. During the same quarter in the previous year, the company earned $0.11 earnings per share. Dropbox’s quarterly revenue was up 18.4% on a year-over-year basis. Sell-side analysts predict that Dropbox will post -0.12 earnings per share for the current year.

In other Dropbox news, insider Quentin Clark sold 16,666 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $22.62, for a total value of $376,984.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Timothy Regan sold 4,125 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $25.60, for a total transaction of $105,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,092 shares of company stock worth $2,707,227. Corporate insiders own 31.20% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. TrinityPoint Wealth LLC grew its holdings in Dropbox by 2.7% in the first quarter. TrinityPoint Wealth LLC now owns 17,375 shares of the company’s stock worth $379,000 after purchasing an additional 450 shares during the period. Emerald Advisers LLC lifted its stake in shares of Dropbox by 2.0% in the second quarter. Emerald Advisers LLC now owns 52,765 shares of the company’s stock worth $1,322,000 after buying an additional 1,053 shares in the last quarter. Tortoise Index Solutions LLC bought a new position in shares of Dropbox in the first quarter worth approximately $29,000. Meridian Wealth Management LLC bought a new position in shares of Dropbox in the second quarter worth approximately $34,000. Finally, Advisory Services Network LLC lifted its stake in shares of Dropbox by 272.7% in the fourth quarter. Advisory Services Network LLC now owns 2,050 shares of the company’s stock worth $42,000 after buying an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 28.91% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to collaborate and sign up for free through its Website or app, as well as upgrade to a paid subscription plan for premium features. The company has approximately 500 million registered users across 180 countries.

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Analyst Recommendations for Dropbox (NASDAQ:DBX)

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