Jefferies Financial Group Forecasts Strong Price Appreciation for Dropbox (NASDAQ:DBX) Stock

Dropbox (NASDAQ:DBX - Free Report) had its price target upped by Jefferies Financial Group from $27.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

Dropbox Trading Up 0.2 %

Shares of NASDAQ DBX traded up $0.07 during midday trading on Monday, reaching $30.07. The company had a trading volume of 3,654,880 shares, compared to its average volume of 2,994,327. The stock has a market cap of $9.31 billion, a P/E ratio of 17.38, a P/E/G ratio of 1.68 and a beta of 0.61. Dropbox has a 1 year low of $20.68 and a 1 year high of $33.43. The business's 50-day simple moving average is $28.49 and its 200 day simple moving average is $25.48.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 132,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at $232,458,647.92. This represents a 1.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $30.38, for a total transaction of $75,950.00. Following the transaction, the chief financial officer now owns 413,764 shares of the company's stock, valued at $12,570,150.32. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 281,829 shares of company stock valued at $8,178,820. 26.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DBX. QRG Capital Management Inc. grew its stake in shares of Dropbox by 10.6% during the 3rd quarter. QRG Capital Management Inc. now owns 221,716 shares of the company's stock worth $5,638,000 after purchasing an additional 21,190 shares during the period. Aigen Investment Management LP acquired a new stake in Dropbox during the third quarter valued at $482,000. Retirement Systems of Alabama grew its position in Dropbox by 15.2% during the third quarter. Retirement Systems of Alabama now owns 944,033 shares of the company's stock valued at $24,007,000 after buying an additional 124,528 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Dropbox by 8.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company's stock valued at $71,108,000 after buying an additional 228,685 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Dropbox by 6.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company's stock worth $59,907,000 after acquiring an additional 134,503 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Company Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.