Dropbox (DBX) Hits New 1-Year Low at $25.65

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Dropbox Inc (NASDAQ:DBX) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $25.65 and last traded at $26.41, with a volume of 165346 shares. The stock had previously closed at $26.80.

Several research firms have recently issued reports on DBX. Canaccord Genuity raised their target price on shares of Dropbox from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, August 10th. Zacks Investment Research lowered shares of Dropbox from a “buy” rating to a “hold” rating in a report on Monday, July 16th. Jefferies Financial Group upgraded shares of Dropbox from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Wednesday, August 1st. They noted that the move was a valuation call. JMP Securities raised their target price on shares of Dropbox from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, August 10th. Finally, JPMorgan Chase & Co. raised their target price on shares of Dropbox to $35.00 and gave the stock an “overweight” rating in a report on Friday, May 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $34.29.

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

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 9th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The company had revenue of $339.20 million for the quarter, compared to the consensus estimate of $330.90 million. During the same quarter in the previous year, the business earned $0.06 EPS. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. equities research analysts forecast that Dropbox Inc will post 0.3 earnings per share for the current year.

In other Dropbox news, insider Quentin Clark sold 16,666 shares of the firm’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $27.23, for a total transaction of $453,815.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Ajay Vashee sold 13,731 shares of the firm’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $27.23, for a total transaction of $373,895.13. The disclosure for this sale can be found here. Insiders have sold a total of 304,399 shares of company stock valued at $8,282,591 in the last quarter.

A number of hedge funds and other institutional investors have recently bought and sold shares of DBX. BlackRock Inc. purchased a new position in Dropbox during the 1st quarter valued at about $327,409,000. Institutional Venture Management XIII LLC purchased a new position in Dropbox during the 1st quarter valued at about $112,004,000. Baillie Gifford & Co. purchased a new position in Dropbox during the 1st quarter valued at about $68,311,000. Federated Investors Inc. PA purchased a new position in Dropbox during the 1st quarter valued at about $40,573,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in Dropbox during the 1st quarter valued at about $37,382,000. 13.82% of the stock is currently owned by institutional investors and hedge funds.

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 was founded in 2007 and is headquartered in San Francisco, California.

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