Shares of Dropbox, Inc. (NASDAQ:DBX) were down 3.2% during trading on Monday . The stock traded as low as $29.73 and last traded at $29.04. Approximately 4,603,366 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 5,800,724 shares. The stock had previously closed at $30.00.
DBX has been the topic of a number of analyst reports. Nomura assumed coverage on shares of Dropbox in a research note on Thursday, April 12th. They set a “reduce” rating and a $21.00 price target on the stock. DA Davidson dropped coverage on shares of Dropbox in a research note on Monday. They set a $22.00 price target on the stock. Royal Bank of Canada assumed coverage on shares of Dropbox in a research note on Tuesday. They set a “sector perform” rating and a $33.00 price target on the stock. KeyCorp assumed coverage on shares of Dropbox in a research note on Tuesday. They set an “overweight” rating and a $40.00 price target on the stock. Finally, JPMorgan Chase assumed coverage on shares of Dropbox in a research note on Tuesday. They issued an “overweight” rating and a $32.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. Dropbox currently has a consensus rating of “Buy” and a consensus target price of $33.15.
In related news, insider Arash Ferdowsi sold 2,333,333 shares of the business’s stock in a transaction that occurred on Tuesday, March 27th. The shares were sold at an average price of $20.07, for a total value of $46,829,993.31. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
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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