Dropbox (DBX) Price Target Raised to $37.00 at JMP Securities

Dropbox (NASDAQ:DBX) had its price target raised by stock analysts at JMP Securities from $35.00 to $37.00 in a note issued to investors on Friday, The Fly reports. The brokerage currently has an “outperform” rating on the stock. JMP Securities’ price objective would indicate a potential upside of 19.16% from the company’s current price.

DBX has been the subject of several other reports. Jefferies Financial Group raised their target price on Dropbox to $37.00 and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research lowered Dropbox from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. JPMorgan Chase & Co. assumed coverage on Dropbox in a research report on Tuesday, April 17th. They set an “overweight” rating and a $32.00 target price for the company. KeyCorp assumed coverage on Dropbox in a research report on Tuesday, April 17th. They set an “overweight” rating and a $40.00 target price for the company. Finally, Goldman Sachs Group assumed coverage on Dropbox in a research report on Tuesday, April 17th. They set a “neutral” rating and a $27.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Dropbox currently has a consensus rating of “Buy” and a consensus target price of $34.14.

Shares of Dropbox traded down $3.38, hitting $31.05, during trading hours on Friday, Marketbeat reports. 22,063,341 shares of the company’s stock traded hands, compared to its average volume of 4,217,325. Dropbox has a 12-month low of $26.61 and a 12-month high of $43.50. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of -0.14.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, August 9th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the 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 period in the prior year, the business earned $0.06 earnings per share. The company’s revenue for the quarter was up 27.2% compared to the same quarter last year. equities research analysts expect that Dropbox will post 0.3 EPS for the current year.

Several hedge funds have recently bought and sold shares of the company. United Services Automobile Association bought a new position in shares of Dropbox during the 2nd quarter worth $251,000. Philadelphia Trust Co. bought a new position in shares of Dropbox during the 2nd quarter worth $3,267,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of Dropbox during the 2nd quarter worth $645,000. NumerixS Investment Technologies Inc bought a new position in shares of Dropbox during the 2nd quarter worth $237,000. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Dropbox by 41.7% during 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 period. Institutional investors own 13.67% of the company’s stock.

Dropbox Company Profile

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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