Macquarie dropped coverage on shares of Dropbox (NASDAQ:DBX) in a research note issued to investors on Thursday, TipRanks reports.
A number of other analysts have also recently weighed in on DBX. William Blair dropped coverage on Dropbox in a research report on Friday, August 9th. Canaccord Genuity dropped coverage on Dropbox in a research report on Friday. DA Davidson dropped coverage on Dropbox in a research report on Friday, August 9th. Zacks Investment Research cut Dropbox from a buy rating to a hold rating in a research report on Wednesday, August 14th. Finally, TheStreet cut Dropbox from a c- rating to a d+ rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Dropbox has a consensus rating of Buy and an average price target of $28.33.
Shares of NASDAQ DBX traded up $0.40 during trading hours on Thursday, reaching $20.17. The stock had a trading volume of 1,809,749 shares, compared to its average volume of 3,746,968. The business’s fifty day moving average is $18.90 and its two-hundred day moving average is $22.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.18 and a quick ratio of 1.18. 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 twelve month low of $17.20 and a twelve month high of $27.15.
Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.15. Dropbox had a negative return on equity of 6.57% and a negative net margin of 2.91%. The firm had revenue of $401.50 million for the quarter, compared to analysts’ expectations of $401.09 million. During the same period in the prior year, the business posted $0.11 earnings per share. The business’s revenue was up 18.4% compared to the same quarter last year. Sell-side analysts forecast that Dropbox will post -0.12 earnings per share for the current fiscal year.
In other news, CFO Ajay Vashee sold 13,750 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.02, for a total transaction of $289,025.00. Also, insider Quentin Clark sold 16,674 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $24.56, for a total value of $409,513.44. The disclosure for this sale can be found here. Insiders sold 93,742 shares of company stock worth $1,956,472 over the last quarter. Company insiders own 31.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC grew its holdings in shares of Dropbox by 4.7% during the second quarter. Private Advisor Group LLC now owns 12,644 shares of the company’s stock worth $317,000 after purchasing an additional 565 shares during the last quarter. US Bancorp DE grew its holdings in shares of Dropbox by 10.4% during the second quarter. US Bancorp DE now owns 9,517 shares of the company’s stock worth $238,000 after purchasing an additional 900 shares during the last quarter. Emerald Advisers LLC grew its holdings in shares of Dropbox by 2.0% during the second quarter. Emerald Advisers LLC now owns 52,765 shares of the company’s stock worth $1,322,000 after purchasing an additional 1,053 shares during the last quarter. Glen Harbor Capital Management LLC grew its holdings in shares of Dropbox by 203.0% during the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock worth $40,000 after purchasing an additional 1,072 shares during the last quarter. Finally, Tortoise Index Solutions LLC bought a new stake in shares of Dropbox during the first quarter worth $29,000. Institutional investors own 40.48% of the company’s stock.
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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