Dropbox, Inc. (DBX) is finding out that Wall Street investors are looking for more than earnings beats and revenue growth.

The recently debuted company's shares are down more than 3% Friday morning in spite of strong earnings and revenue beats in its most recent quarter. 

The file storage company reported earnings of 8 cents per share, beating expectations of a nickel, on revenue of $316.3 million vs. analyst expectations of $309.2 million. 

However, the companies guidance, while above estimates, wasn't enough to convince the bears at Nomura to change their mind about the company's trajectory. 

Nomura analyst Christopher Eberle said that the results lacked the "incremental details that would alter bearish thesis." He noted that the top- and bottom-line beats weren't very wide and that second quarter and full year guidance were underwhelming "aside from certain metrics."

The firm lowered its price target to $21, a 34% downside from the stock's previous closing price. 

Nomura was the outlier, however, with analysts from Macquarie, RBC, Jefferies, Piper Jaffray and KeyBanc writing positive notes on the company following its release. 

Macquarie called the companies first public earnings period a "smash debut" and raised its price target to $36 from $34.

RBC lauded the company's better than expected average revenue per user while raising its price target to $34 from $33. 

Analysts at KeyBanc were in the middle. The firm noted that Wall Street's estimates were conservative and the company's operating and free cash flow were about flat year over year. But the firm believes the company has a tremendous upside, as evidenced by its leading $40 price target. 

Dropbox debuted March 22 at $21 a share, so part of the analyst consternation surrounding the stock is tied to its impressive run since its debut. The public offering raised $756 million, making it the largest tech IPO since Snap Inc. (SNAP) debuted last year.

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