Canaccord Genuity analyst David Hynes maintained a Buy rating on Dropbox (DBX) on May 8 and set a price target of $30.00. The company’s shares closed last Tuesday at $22.63.
According to TipRanks.com, Hynes is a top 25 analyst with an average return of 32.9% and a 76.9% success rate. Hynes covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Bill.com Holdings, and Upland Software.
Currently, the analyst consensus on Dropbox is a Moderate Buy with an average price target of $26.43, representing a 15.6% upside. In a report issued on May 8, RBC Capital also maintained a Buy rating on the stock with a $30.00 price target.
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Based on Dropbox’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $455 million and net profit of $39.3 million. In comparison, last year the company earned revenue of $386 million and had a GAAP net loss of $7.7 million.
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Dropbox, Inc. is a collaboration platform that’s transforming the way people and teams work together. It offers following products: Dropbox Basic, Plus, Professional and Business. The Dropbox Basic is the simple, powerful home for photos, videos, docs, and other files. Its users also get access to new product Dropbox Paper, a collaborative workspace that helps teams create and share early ideas, and work with any type of content, in one centralized place. The Dropbox Plus provides unrivalled sync along with 1 TB of space, powerful sharing features, and increased control. The Dropbox Professional allows independent workers to store, share, and track their work from one place. The Dropbox Business is designed for small to enterprise level businesses, which users get full visibility and control over how critical work files are accessed and shared while letting team members continue to use the products. Dropbox was founded by Andrew W. Houston and Arash Ferdowsi in June 2007 and is headquartered in San Francisco, CA.
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