Jefferies Financial Group Forecasts Strong Price Appreciation for Dropbox (NASDAQ:DBX) Stock

Dropbox (NASDAQ:DBX) had its target price upped by research analysts at Jefferies Financial Group from $27.00 to $30.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s price objective points to a potential upside of 1.42% from the stock’s current price.

Dropbox Price Performance

Shares of Dropbox stock opened at $29.58 on Monday. Dropbox has a 1-year low of $20.68 and a 1-year high of $33.43. The company’s fifty day simple moving average is $28.59 and its 200-day simple moving average is $25.57. The stock has a market capitalization of $9.16 billion, a PE ratio of 17.10, a P/E/G ratio of 1.68 and a beta of 0.61.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 132,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $232,458,647.92. This represents a 1.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction on Monday, December 30th. The shares were sold at an average price of $30.38, for a total transaction of $75,950.00. Following the transaction, the chief financial officer now owns 413,764 shares in the company, valued at approximately $12,570,150.32. This trade represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 792,152 shares of company stock worth $23,309,897 over the last quarter. 26.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Dropbox

Several institutional investors have recently made changes to their positions in DBX. Assenagon Asset Management S.A. increased its holdings in Dropbox by 0.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 89,157 shares of the company’s stock valued at $2,267,000 after acquiring an additional 383 shares during the last quarter. Quarry LP grew its position in shares of Dropbox by 23.4% during the third quarter. Quarry LP now owns 2,424 shares of the company’s stock valued at $62,000 after purchasing an additional 459 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Dropbox by 13.2% in the third quarter. Harbor Capital Advisors Inc. now owns 7,956 shares of the company’s stock worth $202,000 after purchasing an additional 926 shares during the last quarter. Covestor Ltd lifted its position in shares of Dropbox by 34.3% in the third quarter. Covestor Ltd now owns 4,043 shares of the company’s stock worth $102,000 after buying an additional 1,033 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Dropbox during the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.