Dropbox (NASDAQ:DBX) CEO Andrew Houston Sells 111,166 Shares

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 111,166 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $22.89, for a total transaction of $2,544,589.74. Following the transaction, the chief executive officer directly owned 8,266,666 shares of the company’s stock, valued at $189,223,984.74. The trade was a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Andrew Houston also recently made the following trade(s):

• On Monday, March 2nd, Andrew Houston sold 109,498 shares of Dropbox stock. The stock was sold at an average price of $24.94, for a total transaction of $2,730,880.12.
• On Monday, February 2nd, Andrew Houston sold 164,502 shares of Dropbox stock. The shares were sold at an average price of $25.66, for a total value of $4,221,121.32.
• On Monday, January 12th, Andrew Houston sold 23,818 shares of Dropbox stock. The stock was sold at an average price of $27.51, for a total value of $655,233.18.
• On Friday, January 9th, Andrew Houston sold 36,182 shares of Dropbox stock. The stock was sold at an average price of $27.54, for a total value of $996,452.28.

Dropbox Stock Performance

NASDAQ DBX opened at $23.40 on Friday. The business’s 50-day moving average price is $24.88 and its two-hundred day moving average price is $27.51. Dropbox, Inc. has a 12 month low of $22.00 and a 12 month high of $32.40. The firm has a market capitalization of $5.64 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.65 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $636.20 million during the quarter, compared to analysts’ expectations of $627.83 million. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.73 earnings per share. As a group, analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DBX. William Blair reiterated an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, January 21st. JPMorgan Chase & Co. lowered their target price on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Finally, UBS Group dropped their price target on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $27.50.

Hedge Funds Weigh In On Dropbox

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rossby Financial LCC grew its stake in shares of Dropbox by 128.5% in the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after buying an additional 527 shares during the period. Palisade Asset Management LLC bought a new position in Dropbox in the third quarter worth approximately $30,000. First Horizon Corp bought a new position in Dropbox in the third quarter worth approximately $31,000. Kestra Advisory Services LLC acquired a new stake in Dropbox in the fourth quarter valued at approximately $31,000. Finally, Larson Financial Group LLC increased its holdings in shares of Dropbox by 228.0% during the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after acquiring an additional 791 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

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.