Dropbox (NASDAQ:DBX) CFO Ross Tennenbaum Sells 97,558 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) CFO Ross Tennenbaum sold 97,558 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $35.02, for a total transaction of $3,416,481.16. Following the completion of the sale, the chief financial officer owned 690,666 shares of the company’s stock, valued at approximately $24,187,123.32. The trade was a 12.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Dropbox Price Performance

NASDAQ DBX traded up $1.75 on Monday, hitting $37.31. 4,240,255 shares of the company’s stock were exchanged, compared to its average volume of 3,958,501. The firm’s 50-day moving average price is $32.83 and its two-hundred day moving average price is $28.12. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $37.39. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 5.24 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million for the quarter, compared to the consensus estimate of $626.69 million. During the same period in the previous year, the business earned $0.71 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. On average, research analysts predict that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Citigroup upped their target price on shares of Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Weiss Ratings raised shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. Zacks Research lowered Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Finally, William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Dropbox has an average rating of “Reduce” and an average target price of $30.75.

Hedge Funds Weigh In On Dropbox

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DBX. Larson Financial Group LLC lifted its holdings in shares of Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after purchasing an additional 791 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Dropbox by 68.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock worth $47,000 after purchasing an additional 831 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of Dropbox by 143.0% during the 4th quarter. Hantz Financial Services Inc. now owns 3,519 shares of the company’s stock worth $98,000 after purchasing an additional 2,071 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Dropbox in the 4th quarter valued at approximately $103,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Dropbox in the 4th quarter valued at approximately $119,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.

The company’s offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.