In early 2017, its focus shifted from being just another cloud storage provider to being one of the top content and collaboration software companies and more importantly building a strong ecosystem around them. They have around 500 million users, including over 200,000 businesses and around 12 million paying customers. Its market cap is around $10 billion, and around 50% of shares are held by institutions and 17% by insiders. The San Francisco-based corporation was founded in 2007 and provides a cloud storage and collaboration platform worldwide.
Looking ahead, I remain bullish in regard to the company's and the stock's prospects and calculated a twelve-month price target of $33, representing almost 30% increase from today's price of just under $26. The stock price has been volatile lately, given the expiration of the 6-month lock-up period on August 23 which has put pressure on the price. This, along with an incredible list of board of directors, made me want to dig deeper post the IPO on 27 March 2018. No, instead, I was impressed by a comment made by the CEO in early 2017 when he said "Warren Buffett better be able to look at our business and say, this lemonade stand makes money" (Source: Bloomberg Businessweek August 14, 2017). What initially attracted me to Dropbox ( NASDAQ: DBX) was not that it was operating in a growing tech segment (cloud storage and content sharing) and backed by some of the most well known Silicon Valley investors.
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