Alberta Investment Management Corp Invests $2.11 Million in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• Alberta Investment Management Corp has made a new investment of approximately $2.11 million in 78,900 shares of Dropbox, Inc. (NASDAQ:DBX).
• Notable institutional investments in Dropbox during the fourth quarter include Norges Bank with $20.48 million and Pictet Asset Management with a 10.5% stake increase.
• Dropbox's recent quarterly earnings report showed an EPS of $0.70, exceeding expectations, despite a 1.0% decline in revenue year-over-year.

Alberta Investment Management Corp acquired a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 78,900 shares of the company's stock, valued at approximately $2,107,000.

Several other hedge funds have also modified their holdings of DBX. SG Americas Securities LLC purchased a new position in shares of Dropbox during the first quarter worth about $647,000. Rehmann Capital Advisory Group purchased a new position in shares of Dropbox during the first quarter worth about $675,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Dropbox by 8.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,761,252 shares of the company's stock worth $52,908,000 after purchasing an additional 137,916 shares during the last quarter. Paralel Advisors LLC grew its holdings in shares of Dropbox by 10.0% during the fourth quarter. Paralel Advisors LLC now owns 103,320 shares of the company's stock worth $3,104,000 after purchasing an additional 9,384 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Dropbox by 31.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock worth $1,187,000 after purchasing an additional 9,570 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DBX has been the subject of a number of research reports. Citigroup lifted their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. UBS Group lifted their target price on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th.

Dropbox Trading Down 2.1%

DBX stock traded down $0.55 during trading on Tuesday, hitting $26.13. 3,316,160 shares of the stock traded hands, compared to its average volume of 3,135,579. The stock has a market cap of $7.36 billion, a price-to-earnings ratio of 17.08, a P/E/G ratio of 10.49 and a beta of 0.64. The company has a 50 day simple moving average of $28.01 and a 200 day simple moving average of $28.34. Dropbox, Inc. has a one year low of $21.32 and a one year high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.62 by $0.08. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The business had revenue of $624.70 million during the quarter, compared to analysts' expectations of $619.56 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The firm's revenue was down 1.0% on a year-over-year basis. As a group, analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Dropbox

In other Dropbox news, CFO Timothy Regan sold 10,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $27.94, for a total transaction of $279,400.00. Following the completion of the transaction, the chief financial officer owned 516,094 shares in the company, valued at $14,419,666.36. This trade represents a 1.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Andrew Houston sold 319,000 shares of Dropbox stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the transaction, the chief executive officer directly owned 8,266,666 shares in the company, valued at $235,434,647.68. This trade represents a 3.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 466,125 shares of company stock valued at $13,221,355 in the last quarter. Company insiders own 28.59% of the company's stock.

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.