Dropbox (NASDAQ:DBX) Given New $30.00 Price Target at Jefferies Financial Group

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

Dropbox Price Performance

Shares of DBX opened at $30.07 on Monday. Dropbox has a 12 month low of $20.68 and a 12 month high of $33.43. The stock’s 50-day moving average is $28.59 and its two-hundred day moving average is $25.57. The stock has a market cap of $9.31 billion, a PE ratio of 17.38, a P/E/G ratio of 1.68 and a beta of 0.61.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 500,323 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $29.65, for a total value of $14,834,576.95. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $245,106,646.90. This represents a 5.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eric Cox sold 2,330 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $26.41, for a total value of $61,535.30. Following the sale, the insider now owns 321,871 shares of the company’s stock, valued at $8,500,613.11. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 792,152 shares of company stock worth $23,309,897 in the last 90 days. 26.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dropbox

Several institutional investors and hedge funds have recently made changes to their positions in DBX. TD Asset Management Inc raised its holdings in Dropbox by 17.9% in the second quarter. TD Asset Management Inc now owns 25,500 shares of the company’s stock valued at $573,000 after acquiring an additional 3,866 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Dropbox by 30.8% in the 2nd quarter. Victory Capital Management Inc. now owns 729,281 shares of the company’s stock valued at $16,387,000 after purchasing an additional 171,917 shares in the last quarter. Gallacher Capital Management LLC acquired a new stake in shares of Dropbox in the 2nd quarter valued at about $289,000. LSV Asset Management lifted its position in shares of Dropbox by 9.2% during the second quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock worth $84,089,000 after purchasing an additional 314,862 shares during the last quarter. Finally, Quest Partners LLC grew its stake in Dropbox by 32,226.9% in the second quarter. Quest Partners LLC now owns 16,810 shares of the company’s stock worth $378,000 after purchasing an additional 16,758 shares in the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

About Dropbox

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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.

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