Dropbox (NASDAQ:DBX) Reaches New 52-Week Low – What’s Next?

Shares of Dropbox, Inc. (NASDAQ:DBX) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $23.47 and last traded at $23.83, with a volume of 379200 shares changing hands. The stock had previously closed at $24.42.

Wall Street Analysts Forecast Growth

DBX has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. UBS Group dropped their price target on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research report on Friday, February 20th. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday. Finally, Royal Bank Of Canada reduced their price objective on shares of Dropbox from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $27.50.

Dropbox Price Performance

The company has a fifty day simple moving average of $25.33 and a 200-day simple moving average of $27.88. The company has a market cap of $5.48 billion, a P/E ratio of 12.20, a PEG ratio of 1.63 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.02. The business had revenue of $636.20 million during the quarter, compared to analyst estimates of $627.83 million. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.The company’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company posted $0.73 EPS. On average, analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling

In related news, CAO Sarah Elizabeth Schubach sold 1,416 shares of Dropbox stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $24.49, for a total value of $34,677.84. Following the transaction, the chief accounting officer owned 86,319 shares of the company’s stock, valued at approximately $2,113,952.31. This trade represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ashraf Alkarmi sold 12,472 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $324,272.00. Following the sale, the insider owned 414,661 shares in the company, valued at approximately $10,781,186. The trade was a 2.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 453,028 shares of company stock worth $11,773,578. Company insiders own 29.95% of the company’s stock.

Institutional Investors Weigh In On Dropbox

Large investors have recently made changes to their positions in the company. WealthCollab LLC raised its stake in shares of Dropbox by 20.6% in the 4th quarter. WealthCollab LLC now owns 2,356 shares of the company’s stock valued at $65,000 after acquiring an additional 403 shares in the last quarter. Parallel Advisors LLC boosted its position in Dropbox by 8.3% during the fourth quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock worth $160,000 after purchasing an additional 440 shares during the period. Lakewood Asset Management LLC grew its holdings in Dropbox by 1.0% during the fourth quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company’s stock valued at $1,248,000 after purchasing an additional 458 shares during the last quarter. Kera Capital Partners Inc. grew its holdings in Dropbox by 3.7% during the third quarter. Kera Capital Partners Inc. now owns 12,945 shares of the company’s stock valued at $391,000 after purchasing an additional 460 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Dropbox by 5.7% in the second quarter. PNC Financial Services Group Inc. now owns 8,607 shares of the company’s stock valued at $246,000 after purchasing an additional 461 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.