DA Davidson Drops Coverage on Dropbox (NASDAQ:DBX)

DA Davidson dropped coverage on shares of Dropbox (NASDAQ:DBX) in a research note issued to investors on Friday, TipRanks reports.

A number of other analysts have also recently commented on DBX. Zacks Investment Research upgraded Dropbox from a hold rating to a buy rating and set a $28.00 target price on the stock in a research report on Wednesday, July 3rd. TheStreet upgraded Dropbox from a d+ rating to a c- rating in a research report on Friday, July 5th. Sanford C. Bernstein assumed coverage on Dropbox in a research report on Wednesday, August 7th. They set an underperform rating and a $19.00 target price on the stock. Nomura cut their target price on Dropbox from $25.00 to $24.00 and set a neutral rating on the stock in a research report on Friday. Finally, Royal Bank of Canada dropped coverage on Dropbox in a research report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Dropbox has a consensus rating of Buy and a consensus target price of $29.13.

Shares of DBX traded down $0.49 during midday trading on Friday, reaching $18.22. 6,375,573 shares of the stock were exchanged, compared to its average volume of 3,752,051. The firm has a 50-day simple moving average of $24.39. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.16 and a quick ratio of 1.16. Dropbox has a twelve month low of $18.20 and a twelve month high of $31.95. The stock has a market cap of $10.07 billion, a P/E ratio of -13.91 and a beta of 1.39.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.15. Dropbox had a negative return on equity of 6.70% and a negative net margin of 2.91%. The business had revenue of $401.50 million for the quarter, compared to analysts’ expectations of $401.09 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The business’s revenue was up 18.4% compared to the same quarter last year. As a group, equities research analysts expect that Dropbox will post -0.12 earnings per share for the current year.

In related news, insider Quentin Clark sold 16,666 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $22.62, for a total value of $376,984.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Bart Volkmer sold 12,176 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $23.33, for a total value of $284,066.08. The disclosure for this sale can be found here. Insiders sold a total of 114,092 shares of company stock worth $2,707,227 in the last 90 days. 31.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its stake in Dropbox by 186.9% during the fourth quarter. Bank of New York Mellon Corp now owns 101,536 shares of the company’s stock worth $2,075,000 after acquiring an additional 66,146 shares during the last quarter. Northern Trust Corp lifted its holdings in Dropbox by 101.3% during the 4th quarter. Northern Trust Corp now owns 189,135 shares of the company’s stock worth $3,864,000 after buying an additional 95,185 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in Dropbox during the 4th quarter worth about $1,920,000. D. E. Shaw & Co. Inc. purchased a new stake in Dropbox during the 4th quarter worth about $378,000. Finally, Legal & General Group Plc purchased a new stake in Dropbox during the 4th quarter worth about $2,291,000. Institutional investors own 28.91% of the company’s stock.

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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