![]() In my view, the key pieces of the Dropbox bullish thesis still hold: On the contrary, Dropbox has made some exciting product announcements that position the company extremely well versus its primary competitors, Box ( BOX) and Google Drive ( GOOG). ![]() Since then, shares have peeled back ~5%, despite a ~10% rise in the broader markets (and a much stronger rise for remote-work software stocks) and no negative news. I last wrote on Dropbox in early May, shortly after the company's Q1 earnings release. But at the same time, that has rendered an incredibly attractive opportunity in Dropbox, which is building on some key new product extensions that poise the company for superb revenue growth. It would be fairly safe to say now that investors have largely ignored software stock valuations, at least in the near term. Dropbox's shares now still sit in the ~$21 range, despite a year-to-date rally in work-from-home software stocks that has taken some stocks, like Docusign ( DOCU) and Okta ( OKTA), to near-30x forward revenue multiples. We know now, however, that wasn't the case. Once one of the most beloved unicorns in Silicon Valley that boasted a >$10 billion valuation, Dropbox looked tipped to be one of the exploding software stocks that investors and Wall Street latched on to. Find out how you can get the best content on Seeking Alpha here.Ī little over two years ago, Dropbox ( NASDAQ: DBX) went public at $21 per share to great fanfare. This article was highlighted for PRO subscribers, Seeking Alpha's service for professional investors.
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