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Jefferies Financial Group Downgrades Dropbox (NASDAQ:DBX) to Hold

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Dropbox (NASDAQ:DBX) was downgraded by Jefferies Financial Group from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, January 9th, MarketBeat reports. They currently have a $19.00 price objective on the stock, down from their prior price objective of $28.00. Jefferies Financial Group’s target price points to a potential upside of 11.11% from the company’s current price.

Other equities analysts have also issued reports about the stock. William Blair restated a “buy” rating on shares of Dropbox in a report on Tuesday, November 26th. ValuEngine raised shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Thursday, November 14th. Nomura upped their target price on shares of Dropbox from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Instinet raised shares of Dropbox from a “neutral” rating to a “buy” rating and increased their price objective for the company from $18.92 to $25.00 in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $27.20.

NASDAQ:DBX traded up $0.19 on Thursday, hitting $17.10. The stock had a trading volume of 6,108,371 shares, compared to its average volume of 3,578,208. The company has a fifty day moving average price of $17.71 and a two-hundred day moving average price of $19.18. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.99. Dropbox has a 1-year low of $16.08 and a 1-year high of $26.49. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of -131.54 and a beta of 1.48.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. Dropbox had a negative net margin of 3.49% and a negative return on equity of 6.82%. The firm had revenue of $428.20 million for the quarter, compared to analyst estimates of $423.48 million. During the same period in the prior year, the business posted $0.11 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Dropbox will post -0.08 earnings per share for the current year.

In related news, CAO Timothy Regan sold 2,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $17.97, for a total transaction of $35,940.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ajay Vashee sold 27,500 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $21.03, for a total transaction of $578,325.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,833 shares of company stock valued at $829,285. Company insiders own 31.20% of the company’s stock.

Large investors have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Dropbox in the second quarter worth approximately $212,000. Allianz Asset Management GmbH bought a new stake in shares of Dropbox in the second quarter worth $249,000. Charles Schwab Investment Management Inc. increased its stake in shares of Dropbox by 119.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 814,020 shares of the company’s stock worth $20,392,000 after buying an additional 443,559 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Dropbox by 615.5% in the second quarter. Bank of New York Mellon Corp now owns 674,418 shares of the company’s stock worth $16,894,000 after buying an additional 580,162 shares during the last quarter. Finally, Tiverton Asset Management LLC increased its stake in shares of Dropbox by 197.7% in the second quarter. Tiverton Asset Management LLC now owns 10,276 shares of the company’s stock worth $257,000 after buying an additional 6,824 shares during the last quarter. Hedge funds and other institutional investors own 42.56% of the company’s stock.

Dropbox Company Profile

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.

Further Reading: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for Dropbox (NASDAQ:DBX)



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