Dropbox, Inc. (DBX) Receives Average Rating of “Buy” from Analysts

Dropbox, Inc. (NASDAQ:DBX) has received a consensus rating of “Buy” from the thirteen research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $33.46.

Several analysts recently commented on the company. Nomura assumed coverage on Dropbox in a research note on Thursday, April 12th. They set a “reduce” rating and a $21.00 price objective on the stock. JPMorgan Chase raised their price objective on Dropbox to $35.00 and gave the stock an “overweight” rating in a research note on Friday, May 11th. Canaccord Genuity raised their price objective on Dropbox from $35.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, May 11th. DA Davidson dropped coverage on Dropbox in a research note on Monday, April 16th. They set a $22.00 price objective on the stock. Finally, Royal Bank of Canada assumed coverage on Dropbox in a research note on Tuesday, April 17th. They set a “sector perform” rating and a $33.00 price objective on the stock.

Shares of Dropbox traded down $0.19, reaching $30.55, during trading hours on Friday, Marketbeat reports. The company had a trading volume of 1,812,641 shares, compared to its average volume of 3,835,174. Dropbox has a 1-year low of $29.77 and a 1-year high of $30.88.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, May 10th. The company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $316.30 million for the quarter, compared to analyst estimates of $309.23 million. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. analysts expect that Dropbox will post 0.28 earnings per share for the current fiscal year.

In other Dropbox news, insider Arash Ferdowsi sold 2,333,333 shares of the stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of $20.07, for a total transaction of $46,829,993.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc bought a new position in shares of Dropbox in the 1st quarter valued at about $158,000. Thompson Davis & CO. Inc. bought a new position in shares of Dropbox in the 1st quarter valued at about $199,000. Galileo PTC Ltd bought a new position in shares of Dropbox in the 1st quarter valued at about $207,000. Alkeon Capital Management LLC bought a new position in shares of Dropbox in the 1st quarter valued at about $232,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Dropbox in the 1st quarter valued at about $257,000. Hedge funds and other institutional investors own 0.58% of the company’s stock.

About Dropbox

Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.

Analyst Recommendations for Dropbox (NASDAQ:DBX)

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