Amundi Raises Holdings in Dropbox, Inc. $DBX

Key Points

• Amundi increased its stake in Dropbox, Inc. by 19.8% during Q1, owning approximately 0.15% of the company, worth around $11.9 million.
• In recent trading, Dropbox's stock opened at $31.20, with a 12-month range between $23.25 and $33.33 and a market cap of $8.42 billion.
• Analysts currently have a consensus rating of "Hold" for Dropbox, with a decreased average price target of $30.33.

Amundi boosted its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 19.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 444,100 shares of the company's stock after purchasing an additional 73,476 shares during the quarter. Amundi owned about 0.15% of Dropbox worth $11,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Dropbox Price Performance

Shares of Dropbox stock remained flat at $30.91 on Friday. The stock had a trading volume of 2,280,425 shares, compared to its average volume of 3,058,630. The firm has a market capitalization of $8.34 billion, a P/E ratio of 18.85, a P/E/G ratio of 4.09 and a beta of 0.70. Dropbox, Inc. has a 1-year low of $24.25 and a 1-year high of $33.33. The business has a 50-day simple moving average of $28.05 and a 200-day simple moving average of $27.83.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating 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 business had revenue of $625.70 million during the quarter, compared to analysts' expectations of $618.60 million. During the same period in the previous year, the business earned $0.60 earnings per share. The business's revenue was down 1.4% compared to the same quarter last year. Research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

DBX has been the subject of several recent research reports. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. UBS Group reduced their price target on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $30.33.

Insiders Place Their Bets

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

About Dropbox

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.