Acadian Asset Management LLC Acquires 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 increased its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. LSV Asset Management boosted its stake in Dropbox by 18.4% during the 1st quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock valued at $203,891,000 after purchasing an additional 1,187,395 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Dropbox by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company's stock valued at $78,802,000 after purchasing an additional 36,268 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Dropbox by 38.1% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,482,705 shares of the company's stock valued at $66,313,000 after purchasing an additional 684,882 shares during the last quarter. Northern Trust Corp boosted its stake in Dropbox by 2.9% during the 1st quarter. Northern Trust Corp now owns 2,215,796 shares of the company's stock valued at $59,184,000 after purchasing an additional 62,493 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in Dropbox by 1,640.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company's stock valued at $57,187,000 after purchasing an additional 2,017,997 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Price Performance

Dropbox stock remained flat at $30.91 during trading on Friday. The company had a trading volume of 2,280,425 shares, compared to its average volume of 3,058,630. Dropbox, Inc. has a one year low of $24.25 and a one year high of $33.33. The business's 50 day moving average is $28.05 and its 200-day moving average is $27.83. 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 4.09 and a beta of 0.70.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 92,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $27.83, for a total transaction of $2,560,360.00. Following the sale, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at $230,061,314.78. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $27.30, for a total value of $275,675.40. Following the sale, the insider directly owned 469,333 shares in the company, valued at approximately $12,812,790.90. This represents a 2.11% 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. Company insiders own 29.95% 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.