Dropbox Inc (NASDAQ:DBX) has received an average rating of “Buy” from the seventeen brokerages that are presently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $34.31.
Several brokerages have recently issued reports on DBX. ValuEngine downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. Zacks Investment Research downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Wednesday, November 21st. Canaccord Genuity lowered their price objective on shares of Dropbox from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, November 9th. Finally, William Blair began coverage on shares of Dropbox in a research note on Tuesday, December 11th. They issued an “outperform” rating on the stock.
Shares of Dropbox stock traded down $0.24 during midday trading on Monday, hitting $25.54. The company had a trading volume of 1,905,794 shares, compared to its average volume of 1,965,238. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.43 and a current ratio of 1.43. Dropbox has a 1-year low of $18.50 and a 1-year high of $43.50.
In related news, CFO Ajay Vashee sold 13,731 shares of the firm’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $21.00, for a total value of $288,351.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Bart Volkmer sold 4,303 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $21.00, for a total value of $90,363.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 155,745 shares of company stock valued at $3,474,600.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Dropbox by 22.7% in the fourth quarter. BlackRock Inc. now owns 12,611,171 shares of the company’s stock worth $257,646,000 after purchasing an additional 2,332,796 shares during the period. FMR LLC lifted its position in Dropbox by 341.4% in the third quarter. FMR LLC now owns 10,379,810 shares of the company’s stock worth $278,490,000 after purchasing an additional 8,028,401 shares during the period. Vanguard Group Inc lifted its position in Dropbox by 51.9% in the third quarter. Vanguard Group Inc now owns 6,473,087 shares of the company’s stock worth $173,673,000 after purchasing an additional 2,211,823 shares during the period. Vanguard Group Inc. lifted its position in Dropbox by 51.9% in the third quarter. Vanguard Group Inc. now owns 6,473,087 shares of the company’s stock worth $173,673,000 after purchasing an additional 2,211,823 shares during the period. Finally, First Trust Advisors LP lifted its position in Dropbox by 19.5% in the fourth quarter. First Trust Advisors LP now owns 3,911,795 shares of the company’s stock worth $79,918,000 after purchasing an additional 639,476 shares during the period. 21.58% of the stock is owned by hedge funds and other institutional investors.
Dropbox Company Profile
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 has strategic partnership with Zoom Video Communications, Inc Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.
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