Dropbox May be Next Big Tech Takeover Target

  • 3 months ago
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By Christiana Sciaudone

Investing.com — Dropbox (NASDAQ:) may be the next big tech takeover target, prompting shares to jump 6%. 

It’s all still rumors and speculation and comes on the heels of Salesforce (NYSE:)’s $27.7 billion acquisition of Slack earlier this month. Both companies have popped this year amid the coronavirus pandemic that has led us all to work from home or any place that’s not a busy office space.

Oracle (NYSE:) and ServiceNow (NYSE:) may be eyeing the file-sharing platform, according to The Information.

Dropbox is up 40% this year, which is nice but doesn’t approach its peers Zoom Video Communications Inc (NASDAQ:) and DocuSign Inc (NASDAQ:), which are up more than 480% and above 200%, respectively in 2020.

The stock is down 24% since the company went public in March 2018.

Dropbox has positively surprised the market every quarter, reporting profit and revenue above expectations. For the third quarter, it reported earnings per share of 26 cents, better than the estimated 18 cents, on sales of $487 million versus the expected $484 million.

Analysts like the company, with four rating it a buy and one a hold. It has no sell ratings.

 

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