Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. 5 Stocks Set to DoubleĮach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. You can see the complete list of today’s Zacks #1 Rank stocks here. Nonetheless, higher investments on product development amid stiff competition from services like Microsoft One Drive, and Google Drive may limit margin expansion for this Zacks Rank #2 (Buy) stock. The company also collaborated with Adobe ADBE to roll out Dropbox Transfer for Adobe Creative Cloud. In 2020, Dropbox also launched two add-ons - Data Migration and Creative Tools - to assist users, especially media professionals, with their work.įurther, integration with leading applications like Atlassian TEAM and Zoom Video ZM is expected to boost the uptake of the platform. HelloSign is an e-signature vendor that was purchased by Dropbox for $230 million in 2019. Notably, Dropbox is among those companies that adopted the Virtual First strategy, under which it will utilise both remote work and on-premises way of working.ĭropbox is well-positioned to gain from increasing demand for its work collaboration tools through which users can seamlessly and securely share files, videos, and spreadsheets.ĭropbox’s latest acquisition will complement its earlier acquisition of HelloSign as well as its Dropbox services. Moreover, worldwide, business enterprises are adopting hybrid work policies, and this is likely to further drive demand for digital collaboration tools. The work from home wave is unlikely to dissipate soon as the global vaccine rollout is expected to be a long-drawn affair. Increasing Demand for Digital Tools Bodes WellĬoronavirus-triggered work from wave has fueled the demand for digital tools to facilitate effective collaboration and document management. In the past year, Dropbox’s shares have returned 53.1% compared with industry’s rally of 64.6%. The buyout will not be accretive to Dropbox’s operating results in 2021. The DocSend acquisition, subject to regulatory and customary conditions, is expected to be concluded by first-quarter 2021.
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