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DBX

Dropbox

$36.12

4.46 (14.09%)

17:48
06/14/18
06/14
17:48
06/14/18
17:48

Dropbox shares closed higher by 14%, continue to rise in after-market trading

Shares of collaboration platform company Dropbox closed Thursday's session higher by 14%. This past Tuesday, the company announced a new chapter in the evolution of Magic Pocket, its custom-built storage infrastructure. "The company is successfully deploying Shingled Magnetic Recording, SMR, drive technology, which will increase overall storage density, reduce the company's physical data center footprint, and provide significant cost savings without sacrificing performance or reliability. Dropbox will be the first company to test and deploy SMR technology at this scale," said Dropbox in a statement on June 12. Dropbox said at the time it, anticipates approximately a quarter of its Magic Pocket infrastructure will be on SMR drive capacity by 2019. In the coming months, the company also plans to open source the test software it created in the process, which will let other companies qualify SMR technology for their own enterprise storage environments. "Creating our own storage infrastructure was a huge technological challenge, but it's already paid dividends for our customers and our business," said Quentin Clark, SVP of Engineering, Product, and Design at Dropbox at the time. Shares closed up over 14% to $36.12 to close the regular session. Dropbox continues to trade higher in the after-market on Thursday.

DBX Dropbox
$36.12

4.46 (14.09%)

04/17/18
04/17/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. GrubHub (GRUB) initiated with an Overweight at Stephens. 2. Dropbox (DBX) initiated with an Outperform at Macquarie and JMP Securities, an Overweight at KeyBanc, JPMorgan, and Piper Jaffray, a Buy at Canaccord and Deutsche Bank, a Sector Perform at RBC Capital, a Neutral at BofA/Merrill and Goldman Sachs, as well as a Hold at Jefferies. 3. Oneok (OKE) initiated with a Neutral at Seaport Global. 4. Jeld-Wen (JELD) initiated with a Hold at Jefferies. 5. Flowers Foods (FLO) resumed with a Hold at Deutsche Bank. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/11/18
JPMS
05/11/18
NO CHANGE
Target $35
JPMS
Overweight
Dropbox price target raised to $35 from $32 at JPMorgan
JPMorgan analyst Mark Murphy raised his price target for Dropbox to $35 saying the company last night reported "solid and consistent metrics that beat across the board." The analyst is optimistic on Dropbox's potential to convert its "long runwa"y of 300M target users and broaden collaboration offerings. He keeps an Overweight rating on the shares.
05/11/18
ADAM
05/11/18
NO CHANGE
Target $36
ADAM
Buy
Dropbox weakness a buying opportunity, says Canaccord
Canaccord analyst Richard Davis noted Dropbox shares sold off following its Q1 earnings release but he said he would be an "aggressive buyer" of the shares using the weakness as a buying opportunity. He noted the company delivered upside on every metric and made progress on customer additions, ARPU, and product innovation. Davis reiterated his Buy rating and raised his price target to $36 from $35 on Dropbox shares.
05/17/18
DBAB
05/17/18
NO CHANGE
DBAB
Buy
Google changes unlikely to impact Dropbox, says Deutsche Bank
Dropbox (DBX) rival Google (GOOG, GOOGL) this week announced some changes to its consumer-based cloud storage service, Deutsche Bank analyst Karl Keirstead tells investors in a research note. The analyst notes that Google is moving all paid Google Drive consumer subscribers to a newly named Google One service, which includes added storage capacity options, "expert assistance" and the ability to add family members. Google also cut the price of its 2TB capacity plan in half, to $10 from $20 per month, Keirstead adds. He does not see these changes materially impacting Dropbox and keeps a Buy rating on the shares.

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