ABLE Financial Group LLC Acquires New Shares in Dropbox, Inc. $DBX

Key Points

• ABLE Financial Group LLC invested approximately $1.72 million in Dropbox, acquiring a total of 59,996 shares as per its 13F filing.
• Several institutional investors have increased their stakes in Dropbox, with Elequin Capital LP seeing a 71% increase in their shareholding during the first quarter.
• Dropbox's stock has dropped 0.6% and currently holds a consensus rating of "Reduce" with a price target of $29.67, following recent downgrades by analysts.

ABLE Financial Group LLC acquired a new position in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 59,996 shares of the company's stock, valued at approximately $1,716,000.

Other large investors also recently modified their holdings of the company. Elequin Capital LP lifted its stake in Dropbox by 71.0% in the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after purchasing an additional 469 shares in the last quarter. Brooklyn Investment Group raised its holdings in shares of Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after buying an additional 991 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after buying an additional 449 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after buying an additional 490 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Dropbox by 115.0% during the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Dropbox Stock Up 1.0%

DBX stock traded up $0.30 during trading on Monday, hitting $30.91. 2,771,571 shares of the company's stock traded hands, compared to its average volume of 3,491,269. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 18.85, a price-to-earnings-growth ratio of 4.05 and a beta of 0.69. The stock has a fifty day moving average price of $28.54 and a two-hundred day moving average price of $28.07. Dropbox, Inc. has a 52 week low of $24.42 and a 52 week high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The firm had revenue of $625.70 million for the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm's revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 earnings per share. As a group, equities research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group lowered shares of Dropbox from a "neutral" rating to a "sell" rating and dropped their target price for the company from $29.00 to $27.00 in a research report on Thursday. Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $29.67.

Insider Activity at Dropbox

In other news, insider Ashraf Alkarmi sold 10,000 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the insider owned 459,333 shares in the company, valued at $13,779,990. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Andrew Houston sold 45,835 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.04, for a total value of $1,376,883.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 314,333 shares of company stock worth $8,938,399. Insiders own 28.59% of the company's stock.

Dropbox Company Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.