Credit Suisse Group Initiates Coverage on Dropbox (NASDAQ:DBX)

Credit Suisse Group assumed coverage on shares of Dropbox (NASDAQ:DBXGet Rating) in a report issued on Monday, Marketbeat.com reports. The brokerage issued an underperform rating and a $20.00 target price on the stock.

Several other brokerages have also commented on DBX. Bank of America initiated coverage on Dropbox in a research report on Tuesday, September 6th. They issued a buy rating and a $34.00 target price for the company. Citigroup assumed coverage on shares of Dropbox in a report on Thursday, September 1st. They set a neutral rating and a $24.00 price target for the company. Jefferies Financial Group dropped their price objective on shares of Dropbox from $30.00 to $28.00 and set a buy rating on the stock in a report on Monday, October 31st. KeyCorp initiated coverage on Dropbox in a research report on Monday, September 12th. They set an overweight rating and a $30.00 price objective for the company. Finally, The Goldman Sachs Group lowered their target price on Dropbox from $25.00 to $22.00 and set a sell rating on the stock in a research report on Monday, November 7th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Dropbox presently has an average rating of Hold and a consensus price target of $26.63.

Dropbox Trading Up 0.4 %

Dropbox stock opened at $22.44 on Monday. The stock has a 50 day moving average of $21.39 and a 200-day moving average of $21.80. The stock has a market cap of $8.14 billion, a P/E ratio of 24.13, a price-to-earnings-growth ratio of 3.05 and a beta of 0.80. Dropbox has a 52 week low of $19.07 and a 52 week high of $25.81.

Insider Transactions at Dropbox

In other news, CEO Andrew Houston sold 274,226 shares of the stock in a transaction on Monday, October 10th. The stock was sold at an average price of $20.43, for a total transaction of $5,602,437.18. Following the completion of the sale, the chief executive officer now owns 9,022,891 shares in the company, valued at approximately $184,337,663.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Bart Volkmer sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $23.03, for a total transaction of $253,330.00. Following the sale, the insider now owns 293,618 shares in the company, valued at $6,762,022.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 274,226 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $20.43, for a total transaction of $5,602,437.18. Following the completion of the transaction, the chief executive officer now directly owns 9,022,891 shares of the company’s stock, valued at approximately $184,337,663.13. The disclosure for this sale can be found here. Insiders have sold 510,260 shares of company stock valued at $10,794,532 in the last quarter. Insiders own 25.05% of the company’s stock.

Institutional Trading of Dropbox

A number of hedge funds have recently modified their holdings of the business. Ellevest Inc. raised its position in Dropbox by 6,231.6% during the second quarter. Ellevest Inc. now owns 1,203 shares of the company’s stock valued at $25,000 after buying an additional 1,184 shares during the period. Covestor Ltd increased its holdings in shares of Dropbox by 446.6% in the 1st quarter. Covestor Ltd now owns 1,372 shares of the company’s stock valued at $32,000 after purchasing an additional 1,121 shares during the period. Allworth Financial LP lifted its position in shares of Dropbox by 184.9% in the third quarter. Allworth Financial LP now owns 1,701 shares of the company’s stock worth $35,000 after purchasing an additional 1,104 shares in the last quarter. Prospera Financial Services Inc acquired a new stake in shares of Dropbox during the first quarter worth approximately $40,000. Finally, Cullen Frost Bankers Inc. acquired a new position in Dropbox in the 3rd quarter valued at approximately $41,000. Hedge funds and other institutional investors own 60.57% of the company’s stock.

About Dropbox

(Get Rating)

Dropbox, Inc provides a content collaboration platform worldwide. Its 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. As of December 31, 2021, the company had approximately 700 million registered users.

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