Bank of America Initiates Coverage on Dropbox (DBX)

Bank of America assumed coverage on shares of Dropbox (NASDAQ:DBX) in a note issued to investors on Tuesday, The Fly reports. The firm set a “neutral” rating on the stock.

Other equities analysts have also issued research reports about the company. JPMorgan Chase started coverage on Dropbox in a research note on Tuesday. They issued an “overweight” rating for the company. Piper Jaffray started coverage on Dropbox in a research report on Tuesday. They set an “overweight” rating on the stock. Macquarie started coverage on Dropbox in a research report on Tuesday. They set an “outperform” rating on the stock. Goldman Sachs started coverage on Dropbox in a research report on Tuesday. They set a “neutral” rating on the stock. Finally, Jefferies Group started coverage on Dropbox in a research report on Tuesday. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $28.50.

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Shares of DBX stock opened at $29.02 on Tuesday. Dropbox has a 1 year low of $27.75 and a 1 year high of $34.83.

In other Dropbox news, insider Arash Ferdowsi sold 2,333,333 shares of the stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of $20.07, for a total transaction of $46,829,993.31. The sale was disclosed in a filing with the SEC, which is available through this link.

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About Dropbox

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.

The Fly

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