Jefferies Financial Group Increases Dropbox (NASDAQ:DBX) Price Target to $30.00

Dropbox (NASDAQ:DBX) had its price target lifted by Jefferies Financial Group from $27.00 to $30.00 in a research note published on Monday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

Dropbox Stock Performance

Shares of Dropbox stock opened at $29.74 on Monday. The firm has a market cap of $9.21 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.68 and a beta of 0.61. The firm’s 50-day simple moving average is $28.66 and its 200-day simple moving average is $25.63. Dropbox has a 1 year low of $20.68 and a 1 year high of $33.43.

Insider Activity at Dropbox

In related news, CEO Andrew Houston sold 500,323 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $245,106,646.90. This trade represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eric Cox sold 2,330 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $26.41, for a total value of $61,535.30. Following the completion of the transaction, the insider now directly owns 321,871 shares in the company, valued at approximately $8,500,613.11. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 822,069 shares of company stock worth $24,209,501 over the last ninety days. 26.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its holdings in shares of Dropbox by 5.2% during the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock worth $231,761,000 after buying an additional 506,200 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Dropbox by 4.5% during the 3rd quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock worth $198,065,000 after purchasing an additional 333,245 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Dropbox by 6.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock worth $158,670,000 after buying an additional 365,893 shares in the last quarter. Geode Capital Management LLC raised its position in Dropbox by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock valued at $111,368,000 after purchasing an additional 25,893 shares during the last quarter. Finally, LSV Asset Management lifted its position in Dropbox by 9.2% during the 2nd quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock worth $84,089,000 after buying an additional 314,862 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

About Dropbox

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.