Nomura Boosts Dropbox (NASDAQ:DBX) Price Target to $27.00

Dropbox (NASDAQ:DBX) had its price objective hoisted by Nomura from $25.00 to $27.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the stock. Nomura’s price objective points to a potential upside of 36.43% from the stock’s current price.

DBX has been the subject of a number of other reports. Sanford C. Bernstein assumed coverage on Dropbox in a report on Wednesday, August 7th. They issued an “underperform” rating and a $19.00 price objective for the company. Jefferies Financial Group restated a “buy” rating and issued a $28.00 price target (down from $32.00) on shares of Dropbox in a research note on Friday. Macquarie dropped coverage on Dropbox in a research report on Thursday, September 26th. Zacks Investment Research upgraded Dropbox from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Wednesday, October 9th. Finally, Instinet upgraded Dropbox from a “neutral” rating to a “buy” rating and boosted their target price for the company from $18.92 to $25.00 in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.10.

Shares of DBX traded down $1.17 during mid-day trading on Friday, hitting $19.79. The stock had a trading volume of 476,965 shares, compared to its average volume of 2,134,571. The firm has a market cap of $8.63 billion, a P/E ratio of -15.11 and a beta of 1.56. The business has a fifty day moving average price of $19.75 and a 200-day moving average price of $21.72. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.18 and a quick ratio of 1.18. Dropbox has a 52 week low of $17.20 and a 52 week high of $27.15.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.17. Dropbox had a negative return on equity of 6.57% and a negative net margin of 2.91%. The company had revenue of $428.20 million for the quarter, compared to analyst estimates of $423.48 million. During the same period in the previous year, the company posted $0.11 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, research analysts expect that Dropbox will post -0.12 earnings per share for the current fiscal year.

In other news, CAO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $19.46, for a total transaction of $58,380.00. Also, Director Condoleezza Rice sold 23,943 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $18.38, for a total value of $440,072.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,276 shares of company stock worth $1,666,898. Insiders own 31.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Tortoise Index Solutions LLC purchased a new stake in shares of Dropbox during the first quarter valued at $29,000. Whittier Trust Co. purchased a new stake in Dropbox in the third quarter valued at $27,000. Meridian Wealth Management LLC purchased a new stake in Dropbox in the second quarter valued at $34,000. Glen Harbor Capital Management LLC boosted its holdings in Dropbox by 203.0% in the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after purchasing an additional 1,072 shares during the last quarter. Finally, Quantamental Technologies LLC purchased a new stake in Dropbox in the fourth quarter valued at $33,000. 39.78% of the stock is currently owned by hedge funds and other institutional investors.

About Dropbox

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.

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