Let’s explore why experts like the odds on this ‘unicorn.’ The stock popped up twice, even earning a new bull from one of the best performing analysts. We looked into TipRanks’ Daily Analyst Ratings tool and noticed Dropbox had attracted some of the latest buy recommendations on Wall Street. Woodside had been part of Dropbox’s well-oiled machine for three years, including the IPO.ĭropbox CEO Drew Houston said, "He's helped transform Dropbox into a publicly-traded company with over $1 billion in annual revenue and 12 offices around the world." Investors reacted by sending shares on an almost 10% nosedive. That said, this Friday, Dropbox stock got a corporate shock: its chief operating officer Dennis Woodside is leaving next month. Present-day, the company towers at a market cap over $12.4 billion. With a $750 million IPO, Dropbox stock flew over 40% in opening trading hours. It’s a rare victory for start-ups to land in the billions, and it’s one of the reasons this unicorn has bulls flocking. The company was minted as one of the “unicorns,” circling the likes of Uber and Spotify (NYSE: SPOT)- privately held start-ups worth over $1 billion.
By March 2018, Dropbox’s IPO had tech investors transfixed- one of the most buzzed-about offerings in years. Soon, Houston’s MIT peer Arash Ferdowski hopped on board, and the brainchild burst onto the cloud-based scene.įast forward to 2016: the consumer tech player landed on CNBC’s top 50 list of industry disruptors to watch.
Back in 2007, Dropbox was just an idea brewing in MIT grad Drew Houston’s mind. Data storage and software giant Dropbox Inc (NASDAQ: DBX) spent 11 years not under the radar- but as a private company.
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