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Dropbox (NASDAQ:DBX) Upgraded by Zacks Investment Research to Buy – mm
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Dropbox (NASDAQ:DBX) Upgraded by Zacks Investment Research to Buy

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Dropbox (NASDAQ:DBX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $28.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.64% from the company’s current price.

According to Zacks, “Dropbox, Inc. is a service company. It offers a platform which enables users to store and share files, photos, videos, songs and spreadsheets. Dropbox, Inc. is headquartered in San Francisco, California. “

Shares of DBX stock opened at $25.08 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.78. Dropbox has a fifty-two week low of $18.50 and a fifty-two week high of $34.95. The company has a market cap of $11.77 billion, a price-to-earnings ratio of -19.15 and a beta of 1.40. The stock has a 50 day simple moving average of $23.56.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.05. Dropbox had a negative return on equity of 3.50% and a negative net margin of 1.85%. The company had revenue of $385.60 million for the quarter, compared to analyst estimates of $381.58 million. During the same period in the previous year, the company posted $0.08 earnings per share. The firm’s revenue was up 21.9% on a year-over-year basis. On average, research analysts forecast that Dropbox will post -0.12 EPS for the current fiscal year.

In other Dropbox news, insider Yamini Rangan sold 4,129 shares of Dropbox stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $23.95, for a total transaction of $98,889.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert J. Mylod, Jr. sold 6,072 shares of Dropbox stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $22.53, for a total value of $136,802.16. The disclosure for this sale can be found here. Insiders have sold 111,959 shares of company stock worth $2,628,791 over the last 90 days. 31.20% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. FMR LLC raised its stake in Dropbox by 6.4% during the first quarter. FMR LLC now owns 13,549,120 shares of the company’s stock valued at $295,372,000 after buying an additional 811,742 shares during the last quarter. BlackRock Inc. raised its stake in shares of Dropbox by 7.2% in the first quarter. BlackRock Inc. now owns 13,521,764 shares of the company’s stock worth $294,775,000 after purchasing an additional 910,593 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in shares of Dropbox by 34.5% in the first quarter. Pictet Asset Management Ltd. now owns 4,198,539 shares of the company’s stock worth $91,528,000 after purchasing an additional 1,077,469 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Dropbox by 2.7% in the first quarter. First Trust Advisors LP now owns 4,016,234 shares of the company’s stock worth $87,554,000 after purchasing an additional 104,439 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Dropbox by 25.3% in the first quarter. Wells Fargo & Company MN now owns 3,653,317 shares of the company’s stock worth $79,642,000 after purchasing an additional 738,293 shares during the last quarter. Institutional investors and hedge funds own 28.71% of the company’s stock.

About Dropbox

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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