Dropbox (DBX) Now Covered by Bank of America

Dropbox Inc. logo

Canaccord Genuity now has a $36.0000 target price per share on shares of Dropbox Inc (DBX). Jefferies has "Hold" rating and $3100 target. Piper Jaffray also issued estimates for Dropbox's Q1 2018 earnings at $0.05 EPS, Q2 2018 earnings at $0.04 EPS, Q3 2018 earnings at $0.06 EPS, Q4 2018 earnings at $0.08 EPS, FY2018 earnings at $0.23 EPS, Q1 2019 earnings at $0.06 EPS, Q2 2019 earnings at $0.07 EPS, Q3 2019 earnings at $0.09 EPS, Q4 2019 earnings at $0.12 EPS and FY2019 earnings at $0.34 EPS.

DBX has been the topic of several other research reports.

4/17/2018-JMP Securities initiated coverage with a Outperform rating. They set a hold rating and a $31.00 target price on the stock. Finally, Bank of America started coverage on shares of Dropbox in a research report on Tuesday, April 17th. They issued a $22.00 price target on the stock. The stock has "Buy" rating by DA Davidson on Wednesday, March 21. The company was initiated on Tuesday, April 17 by J.P. Morgan. They set a neutral rating and a $27.00 price target on the stock.

Among 11 analysts covering Dropbox Inc (DBX), 8 have Buy rating, 0 Sell and 3 Hold.

Shares in the cloud computing storage company traded up almost 4% on Wednesday, and analysts said they expect Dropbox to keep up that momentum while exceeding Wall Street's targets in several key growth areas.

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Shares of Dropbox closed Thursday at $32.00, with a consensus analyst price target of $33.15 and a post-IPO range of $27.75 to $34.83. Dropbox, Inc. (DBX) has 0.00% since May 11, 2017 and is. The consensus estimates call for $0.04 in EPS on $324.88 million in revenue for the quarter and $0.20 in EPS on $1.33 billion in revenue for the year.

Revenue of $316 million came in ahead of the $309 million in sales that analysts were expecting for the online storage company. As a result, load factor was 81.4%, 0.3 percentage points lower than in the same period a year ago.

In related news, insider Arash Ferdowsi sold 2,333,333 shares of the stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $20.07, for a total transaction of $46,829,993.31. Institutional investors and hedge funds own 0.02% of the company's stock.

Wall Street has high hopes for Dropbox heading into its first quarter - and first ever - earnings report as a public company on Thursday. More interesting news about Dropbox, Inc. Baillie Gifford & Co. purchased a new stake in shares of Dropbox during the first quarter worth approximately $68,311,000. Pendal Group Ltd acquired a new stake in Dropbox during the first quarter worth about $295,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Dropbox during the first quarter worth approximately $24,775,000. Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009.

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