Citigroup Lowers Dropbox (NASDAQ:DBX) Price Target to $25.00

Dropbox (NASDAQ:DBX - Free Report) had its price objective decreased by Citigroup from $26.00 to $25.00 in a research report report published on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the stock.

Dropbox Stock Down 0.5 %

Shares of DBX traded down $0.12 during trading hours on Wednesday, reaching $21.82. The company's stock had a trading volume of 3,898,354 shares, compared to its average volume of 4,278,337. The company has a 50 day moving average of $22.71 and a two-hundred day moving average of $25.89. The firm has a market cap of $7.20 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 1.52 and a beta of 0.68. Dropbox has a 1-year low of $20.68 and a 1-year high of $33.43.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.13. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. The business had revenue of $631.30 million during the quarter, compared to analyst estimates of $628.81 million. As a group, analysts forecast that Dropbox will post 1.26 EPS for the current fiscal year.

Insider Activity

In other Dropbox news, insider Eric Cox sold 8,536 shares of the business's stock in a transaction on Monday, June 10th. The shares were sold at an average price of $21.27, for a total transaction of $181,560.72. Following the completion of the transaction, the insider now owns 350,471 shares of the company's stock, valued at approximately $7,454,518.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Eric Cox sold 8,536 shares of the company's stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $21.27, for a total transaction of $181,560.72. Following the completion of the transaction, the insider now directly owns 350,471 shares in the company, valued at $7,454,518.17. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Andrew Houston sold 82,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.40, for a total value of $1,836,800.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company's stock, valued at $185,173,318.40. The disclosure for this sale can be found here. Insiders have sold a total of 198,218 shares of company stock valued at $4,534,619 over the last 90 days. 26.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dropbox

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in shares of Dropbox during the 4th quarter valued at about $25,000. Contravisory Investment Management Inc. acquired a new stake in Dropbox during the fourth quarter valued at approximately $26,000. Principal Securities Inc. bought a new stake in shares of Dropbox in the 4th quarter valued at approximately $34,000. Sound Income Strategies LLC bought a new stake in shares of Dropbox in the 1st quarter valued at approximately $28,000. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in shares of Dropbox by 29,175.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company's stock worth $32,000 after buying an additional 1,167 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

About Dropbox

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.