Dropbox (NASDAQ:DBX) Shares Gap Up to $18.92

Dropbox Inc (NASDAQ:DBX)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $18.33, but opened at $18.92. Dropbox shares last traded at $19.32, with a volume of 2,162,637 shares traded.

A number of research analysts have recently issued reports on DBX shares. William Blair dropped coverage on shares of Dropbox in a research report on Friday, August 9th. Zacks Investment Research raised shares of Dropbox from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Wednesday, October 9th. Nomura raised shares of Dropbox from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $24.00 to $25.00 in a research report on Tuesday. ValuEngine raised shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, TheStreet downgraded shares of Dropbox from a “c-” rating to a “d+” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $28.30.

The business’s 50-day moving average price is $19.53 and its 200-day moving average price is $21.87. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.99. The stock has a market cap of $7.61 billion, a PE ratio of -14.75 and a beta of 1.57.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.15. The company had revenue of $401.50 million for the quarter, compared to the consensus estimate of $401.09 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. Dropbox’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 EPS. As a group, analysts predict that Dropbox Inc will post -0.12 earnings per share for the current year.

In other Dropbox news, CTO Quentin Clark sold 8,333 shares of Dropbox stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $20.03, for a total transaction of $166,909.99. Also, CFO Ajay Vashee sold 13,750 shares of Dropbox stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.02, for a total transaction of $289,025.00. In the last three months, insiders have sold 89,617 shares of company stock worth $1,850,872. 31.20% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Glen Harbor Capital Management LLC lifted its stake in shares of Dropbox by 203.0% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after purchasing an additional 1,072 shares during the period. DNB Asset Management AS acquired a new position in shares of Dropbox in the 2nd quarter valued at $427,000. D.A. Davidson & CO. acquired a new position in shares of Dropbox in the 2nd quarter valued at $355,000. AQR Capital Management LLC acquired a new position in shares of Dropbox in the 2nd quarter valued at $20,185,000. Finally, Bowen Hanes & Co. Inc. lifted its stake in shares of Dropbox by 41.9% in the 2nd quarter. Bowen Hanes & Co. Inc. now owns 880,000 shares of the company’s stock valued at $22,044,000 after purchasing an additional 260,000 shares during the period. Institutional investors and hedge funds own 40.48% of the company’s stock.

Dropbox Company Profile (NASDAQ:DBX)

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.

Further Reading: Intrinsic Value

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