Dropbox Inc (DBX) General Counsel Sells $228,747.48 in Stock

Dropbox Inc (NASDAQ:DBX) General Counsel Bart Volkmer sold 8,606 shares of the firm’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $26.58, for a total value of $228,747.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

DBX stock opened at $26.33 on Tuesday. Dropbox Inc has a 52-week low of $24.78 and a 52-week high of $43.50. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.12.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 9th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.05. The business had revenue of $339.20 million for the quarter, compared to analysts’ expectations of $330.90 million. During the same quarter in the previous year, the business posted $0.06 earnings per share. Dropbox’s revenue for the quarter was up 27.2% on a year-over-year basis. research analysts expect that Dropbox Inc will post 0.31 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in shares of Dropbox by 56.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,018 shares of the company’s stock valued at $260,000 after purchasing an additional 2,888 shares during the last quarter. Trustcore Financial Services LLC lifted its holdings in shares of Dropbox by 702.0% during the second quarter. Trustcore Financial Services LLC now owns 4,010 shares of the company’s stock valued at $130,000 after purchasing an additional 3,510 shares during the last quarter. Castle Rock Wealth Management LLC lifted its holdings in shares of Dropbox by 55.1% during the second quarter. Castle Rock Wealth Management LLC now owns 10,643 shares of the company’s stock valued at $345,000 after purchasing an additional 3,782 shares during the last quarter. Legal & General Group Plc purchased a new position in Dropbox in the 1st quarter worth approximately $158,000. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Dropbox by 41.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,914 shares of the company’s stock worth $581,000 after acquiring an additional 5,271 shares during the last quarter. Hedge funds and other institutional investors own 13.82% of the company’s stock.

Several research firms have weighed in on DBX. JMP Securities lifted their price objective on Dropbox from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, August 10th. Royal Bank of Canada raised Dropbox from a “sector perform” rating to an “outperform” rating and set a $33.00 price objective on the stock in a research report on Friday, August 10th. Canaccord Genuity lifted their price objective on Dropbox from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, August 10th. Jefferies Financial Group lifted their price objective on Dropbox to $37.00 and gave the company a “buy” rating in a research report on Friday, August 10th. Finally, Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $34.29.

About Dropbox

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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