Canaccord Genuity Drops Coverage on Dropbox (NASDAQ:DBX)

Research analysts at Canaccord Genuity dropped coverage on shares of Dropbox (NASDAQ:DBX) in a note issued to investors on Friday, TipRanks reports. Canaccord Genuity’s price target would suggest a potential upside of 73.53% from the company’s current price.

A number of other equities research analysts have also weighed in on DBX. DA Davidson dropped coverage on shares of Dropbox in a report on Friday, August 9th. William Blair dropped coverage on shares of Dropbox in a report on Friday, August 9th. TheStreet lowered shares of Dropbox from a “c-” rating to a “d+” rating in a report on Friday, August 9th. Bank of America dropped coverage on shares of Dropbox in a report on Friday, August 9th. Finally, Royal Bank of Canada dropped coverage on shares of Dropbox in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $28.33.

DBX traded up $0.40 during trading hours on Friday, reaching $20.17. 1,809,749 shares of the stock traded hands, compared to its average volume of 3,746,968. The firm’s fifty day simple moving average is $18.90 and its two-hundred day simple moving average is $22.22. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -15.40 and a beta of 1.53. Dropbox has a fifty-two week low of $17.20 and a fifty-two week high of $27.15. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.18 and a quick ratio of 1.18.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.15. The business had revenue of $401.50 million during the quarter, compared to analyst estimates of $401.09 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. On average, research analysts predict that Dropbox will post -0.12 earnings per share for the current year.

In other news, CTO Quentin Clark sold 8,333 shares of Dropbox stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $19.00, for a total value of $158,327.00. Also, CFO Ajay Vashee sold 13,750 shares of Dropbox stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.02, for a total transaction of $289,025.00. Over the last three months, insiders have sold 93,742 shares of company stock valued at $1,956,472. 31.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC boosted its holdings in shares of Dropbox by 4.7% in the 2nd quarter. Private Advisor Group LLC now owns 12,644 shares of the company’s stock valued at $317,000 after buying an additional 565 shares during the period. US Bancorp DE boosted its holdings in shares of Dropbox by 10.4% in the 2nd quarter. US Bancorp DE now owns 9,517 shares of the company’s stock valued at $238,000 after buying an additional 900 shares during the period. Emerald Advisers LLC boosted its holdings in shares of Dropbox by 2.0% in the 2nd quarter. Emerald Advisers LLC now owns 52,765 shares of the company’s stock valued at $1,322,000 after buying an additional 1,053 shares during the period. Glen Harbor Capital Management LLC boosted its holdings 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 buying an additional 1,072 shares during the period. Finally, Tortoise Index Solutions LLC acquired a new position in shares of Dropbox in the 1st quarter valued at about $29,000. 40.48% 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 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.

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Analyst Recommendations for Dropbox (NASDAQ:DBX)

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