Dropbox, Inc. (NASDAQ:DBX) Given Average Recommendation of “Hold” by Brokerages

Shares of Dropbox, Inc. (NASDAQ:DBXGet Rating) have been given a consensus recommendation of “Hold” by the nine research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $26.63.

DBX has been the subject of a number of recent analyst reports. Citigroup assumed coverage on shares of Dropbox in a research report on Thursday, September 1st. They issued a “neutral” rating and a $24.00 target price for the company. KeyCorp initiated coverage on shares of Dropbox in a research report on Monday, September 12th. They set an “overweight” rating and a $30.00 price objective for the company. Jefferies Financial Group decreased their target price on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 31st. Bank of America initiated coverage on shares of Dropbox in a report on Tuesday, September 6th. They issued a “buy” rating and a $34.00 target price for the company. Finally, Credit Suisse Group initiated coverage on shares of Dropbox in a report on Monday. They issued an “underperform” rating and a $20.00 target price for the company.

Insiders Place Their Bets

In other news, President Timothy H. Young sold 15,000 shares of the stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $20.06, for a total value of $300,900.00. Following the completion of the sale, the president now directly owns 1,554,623 shares of the company’s stock, valued at $31,185,737.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Timothy H. Young sold 15,000 shares of the stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $20.06, for a total value of $300,900.00. Following the completion of the sale, the president now directly owns 1,554,623 shares of the company’s stock, valued at $31,185,737.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bart Volkmer sold 11,000 shares of Dropbox stock in a transaction on Monday, September 12th. The stock was sold at an average price of $23.03, for a total transaction of $253,330.00. Following the sale, the insider now owns 293,618 shares in the company, valued at approximately $6,762,022.54. The disclosure for this sale can be found here. Insiders sold a total of 510,260 shares of company stock worth $10,794,532 over the last ninety days. 25.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DBX. Baupost Group LLC MA lifted its holdings in shares of Dropbox by 30.6% during the first quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after acquiring an additional 2,476,021 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Dropbox by 16.7% in the second quarter. Renaissance Technologies LLC now owns 9,580,233 shares of the company’s stock valued at $201,089,000 after buying an additional 1,370,500 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Dropbox by 32.4% in the second quarter. Thrivent Financial for Lutherans now owns 4,495,097 shares of the company’s stock valued at $94,352,000 after buying an additional 1,101,083 shares during the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Dropbox by 29.0% in the third quarter. UBS Asset Management Americas Inc. now owns 4,727,563 shares of the company’s stock valued at $97,955,000 after buying an additional 1,063,628 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new position in shares of Dropbox in the first quarter valued at about $21,330,000. 60.57% of the stock is owned by institutional investors.

Dropbox Stock Up 0.4 %

Shares of DBX opened at $22.44 on Friday. The firm has a 50-day moving average price of $21.39 and a 200 day moving average price of $21.80. The firm has a market capitalization of $8.14 billion, a PE ratio of 24.13, a P/E/G ratio of 3.05 and a beta of 0.80. Dropbox has a 52-week low of $19.07 and a 52-week high of $25.81.

Dropbox Company Profile

(Get Rating)

Dropbox, Inc provides a content collaboration platform worldwide. Its platform allows individuals, families, 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. As of December 31, 2021, the company had approximately 700 million registered users.

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Analyst Recommendations for Dropbox (NASDAQ:DBX)

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