Dropbox (NASDAQ:DBX) Hits New 1-Year Low – What’s Next?

Dropbox, Inc. (NASDAQ:DBX)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $24.37 and last traded at $24.2750, with a volume of 1219446 shares traded. The stock had previously closed at $24.98.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on DBX shares. Royal Bank Of Canada decreased their price target on Dropbox from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, January 21st. Finally, Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.33.

Dropbox Stock Down 2.1%

The firm has a 50-day moving average of $27.14 and a two-hundred day moving average of $28.51. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 2.03 and a beta of 0.63.

Insider Buying and Selling at Dropbox

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $29.18, for a total value of $294,659.64. Following the completion of the sale, the insider owned 435,810 shares in the company, valued at $12,716,935.80. This represents a 2.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William T. Yoon sold 7,142 shares of the business’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total transaction of $208,474.98. Following the transaction, the insider owned 206,228 shares in the company, valued at approximately $6,019,795.32. This represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 568,556 shares of company stock worth $15,851,617. 28.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dropbox

A number of institutional investors have recently added to or reduced their stakes in the company. LSV Asset Management raised its holdings in Dropbox by 38.1% in the 3rd quarter. LSV Asset Management now owns 11,613,642 shares of the company’s stock valued at $350,848,000 after acquiring an additional 3,205,140 shares in the last quarter. Norges Bank bought a new stake in shares of Dropbox during the fourth quarter valued at approximately $69,909,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Dropbox in the second quarter valued at $56,911,000. Arbejdsmarkedets Tillaegspension acquired a new position in shares of Dropbox in the fourth quarter valued at $22,050,000. Finally, Allianz Asset Management GmbH lifted its position in Dropbox by 47.8% in the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company’s stock worth $64,164,000 after purchasing an additional 686,577 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.