Credit Suisse Group Initiates Coverage on Dropbox (NASDAQ:DBX)

Credit Suisse Group initiated coverage on shares of Dropbox (NASDAQ:DBXGet Rating) in a report issued on Monday morning, Marketbeat.com reports. The firm issued an underperform rating and a $20.00 target price on the stock.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group decreased their price target on shares of Dropbox from $25.00 to $22.00 and set a sell rating on the stock in a research note on Monday, November 7th. Bank of America began coverage on shares of Dropbox in a research note on Tuesday, September 6th. They set a buy rating and a $34.00 price target on the stock. KeyCorp began coverage on shares of Dropbox in a research note on Monday, September 12th. They issued an overweight rating and a $30.00 target price on the stock. Citigroup began coverage on shares of Dropbox in a research note on Thursday, September 1st. They issued a neutral rating and a $24.00 target price on the stock. Finally, Jefferies Financial Group reduced their target price on shares of Dropbox from $30.00 to $28.00 and set a buy rating on the stock in a research note on Monday, October 31st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $26.63.

Dropbox Price Performance

DBX opened at $22.44 on Monday. Dropbox has a fifty-two week low of $19.07 and a fifty-two week high of $25.81. The firm’s fifty day moving average price is $21.39 and its two-hundred day moving average price is $21.80. The company has a market capitalization of $8.14 billion, a P/E ratio of 24.13, a P/E/G ratio of 3.05 and a beta of 0.80.

Insider Activity at Dropbox

In related news, insider Bart Volkmer sold 10,534 shares of Dropbox stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $22.48, for a total value of $236,804.32. Following the completion of the transaction, the insider now directly owns 286,066 shares of the company’s stock, valued at $6,430,763.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Dropbox news, CFO Timothy Regan sold 5,000 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $22.87, for a total transaction of $114,350.00. Following the completion of the sale, the chief financial officer now directly owns 503,787 shares of the company’s stock, valued at approximately $11,521,608.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bart Volkmer sold 10,534 shares of the business’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $22.48, for a total value of $236,804.32. Following the sale, the insider now directly owns 286,066 shares of the company’s stock, valued at $6,430,763.68. The disclosure for this sale can be found here. Insiders sold 510,260 shares of company stock valued at $10,794,532 over the last ninety days. 25.05% of the stock is owned by insiders.

Institutional Trading of Dropbox

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baupost Group LLC MA increased its stake in shares of Dropbox by 30.6% in the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after acquiring an additional 2,476,021 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Dropbox by 16.7% in the 2nd quarter. Renaissance Technologies LLC now owns 9,580,233 shares of the company’s stock valued at $201,089,000 after acquiring an additional 1,370,500 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Dropbox by 32.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 4,495,097 shares of the company’s stock valued at $94,352,000 after acquiring an additional 1,101,083 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Dropbox by 29.0% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 4,727,563 shares of the company’s stock valued at $97,955,000 after acquiring an additional 1,063,628 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new stake in shares of Dropbox in the 1st quarter valued at about $21,330,000. 60.57% of the stock is owned by institutional investors.

About Dropbox

(Get Rating)

Dropbox, Inc provides a content collaboration platform worldwide. Its platform allows individuals, families, 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. As of December 31, 2021, the company had approximately 700 million registered users.

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