Acadian Asset Management LLC Buys 157,148 Shares of Dropbox, Inc. $DBX

Key Points

• Acadian Asset Management LLC has increased its stake in Dropbox, Inc. by 1.9%, acquiring an additional 157,148 shares, bringing its total ownership to approximately 3.04% valued at $228.2 million.
• Dropbox recently reported earnings of $0.71 per share, exceeding estimates, but experienced a 1.4% decline in year-over-year revenue.
• In a recent review, several brokerages downgraded Dropbox’s stock rating, with a consensus rating of "Hold" and an average target price of $30.33.

Acadian Asset Management LLC boosted its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 1.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,544,978 shares of the company's stock after buying an additional 157,148 shares during the period. Acadian Asset Management LLC owned 3.04% of Dropbox worth $228,202,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Elequin Capital LP increased its stake in shares of Dropbox by 71.0% during the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after buying an additional 469 shares during the period. Brooklyn Investment Group raised its position in Dropbox by 250.3% during the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after acquiring an additional 991 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in Dropbox by 33.4% during 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 period. Fifth Third Bancorp increased its position 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 acquiring an additional 490 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after acquiring an additional 1,338 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Price Performance

Dropbox stock traded up $0.90 during mid-day trading on Monday, hitting $31.81. The company's stock had a trading volume of 1,481,542 shares, compared to its average volume of 3,694,449. Dropbox, Inc. has a 52-week low of $24.25 and a 52-week high of $33.33. The firm's 50 day moving average is $28.05 and its 200 day moving average is $27.85. The company has a market cap of $8.58 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 4.09 and a beta of 0.69.

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

Insider Buying and Selling at Dropbox

In other news, insider Ashraf Alkarmi sold 10,000 shares of Dropbox stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the insider directly owned 459,333 shares in the company, valued at approximately $13,779,990. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William T. Yoon sold 11,430 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.16, for a total value of $344,728.80. Following the completion of the sale, the insider directly owned 223,662 shares of the company's stock, valued at $6,745,645.92. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 314,333 shares of company stock worth $8,938,399 in the last quarter. 28.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. UBS Group reduced their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Wall Street Zen cut shares of Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $30.33.

Dropbox 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.