Dropbox (DBX) Stock Price Down 5.5%

Dropbox, Inc. (NASDAQ:DBX)’s share price dropped 5.5% during mid-day trading on Tuesday . The company traded as low as $38.50 and last traded at $39.70. Approximately 12,723,900 shares changed hands during mid-day trading, an increase of 204% from the average daily volume of 4,188,263 shares. The stock had previously closed at $42.00.

DBX has been the subject of a number of research reports. Goldman Sachs Group initiated coverage on Dropbox in a report on Tuesday, April 17th. They issued a “neutral” rating and a $27.00 price objective for the company. Nomura assumed coverage on Dropbox in a report on Thursday, April 12th. They issued a “reduce” rating and a $21.00 price objective for the company. Piper Jaffray Companies assumed coverage on Dropbox in a research note on Tuesday, April 17th. They issued an “overweight” rating and a $40.00 target price on the stock. Macquarie assumed coverage on Dropbox in a research note on Tuesday, April 17th. They issued an “outperform” rating and a $34.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Dropbox to $35.00 and gave the stock an “overweight” rating in a research note on Friday, May 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $33.43.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, May 10th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $316.30 million during the quarter, compared to analysts’ expectations of $309.23 million. During the same period in the prior year, the company posted $0.02 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. analysts anticipate that Dropbox, Inc. will post 0.28 EPS for the current fiscal year.

In related news, insider Arash Ferdowsi sold 2,333,333 shares of the stock in a transaction on Tuesday, March 27th. The stock was sold at an average price of $20.07, for a total transaction of $46,829,993.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. purchased a new stake in shares of Dropbox during the first quarter valued at $24,775,000. American Century Companies Inc. purchased a new position in Dropbox in the first quarter worth about $2,031,000. BlackRock Inc. purchased a new position in Dropbox in the first quarter worth about $327,409,000. Franklin Resources Inc. purchased a new position in Dropbox in the first quarter worth about $1,728,000. Finally, Allen Operations LLC purchased a new position in Dropbox in the first quarter worth about $2,302,000. 13.88% of the stock is currently owned by 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 was founded in 2007 and is headquartered in San Francisco, California.

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