Analysts forecast that Dropbox Inc (NASDAQ:DBX) will post sales of $352.18 million for the current quarter, Zacks reports. Seven analysts have issued estimates for Dropbox’s earnings. The highest sales estimate is $357.34 million and the lowest is $347.60 million. The business is expected to report its next quarterly earnings report on Thursday, November 8th.
According to Zacks, analysts expect that Dropbox will report full-year sales of $1.37 billion for the current financial year, with estimates ranging from $1.36 billion to $1.38 billion. For the next financial year, analysts anticipate that the business will post sales of $1.58 billion per share, with estimates ranging from $1.57 billion to $1.61 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Dropbox.
Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 9th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. The business had revenue of $339.20 million for the quarter, compared to analysts’ expectations of $330.90 million. During the same quarter in the prior year, the business posted $0.06 EPS. The business’s revenue for the quarter was up 27.2% compared to the same quarter last year.
Several analysts recently issued reports on the company. Canaccord Genuity increased their target price on Dropbox from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, August 10th. Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. Jefferies Financial Group upgraded 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. JPMorgan Chase & Co. increased their target price on Dropbox to $35.00 and gave the stock an “overweight” rating in a research report on Friday, May 11th. Finally, JMP Securities increased their target price on Dropbox from $35.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, August 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Dropbox has a consensus rating of “Buy” and a consensus target price of $34.29.
Shares of NASDAQ:DBX traded up $1.02 during trading on Wednesday, hitting $26.76. 6,299,721 shares of the company’s stock were exchanged, compared to its average volume of 7,420,657. 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 has a 52-week low of $24.78 and a 52-week high of $43.50.
In other Dropbox news, CEO Andrew Houston sold 61,728 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $27.16, for a total transaction of $1,676,532.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Dennis Woodside sold 187,274 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $27.22, for a total value of $5,097,598.28. 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 90 days.
Several large investors have recently bought and sold shares of DBX. Wells Fargo & Company MN bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $1,133,000. Hodges Capital Management Inc. bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $3,125,000. American Century Companies Inc. bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $2,031,000. Victory Capital Management Inc. bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $17,775,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $37,382,000. 13.82% of the stock is owned by institutional investors and hedge funds.
Dropbox Company Profile
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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