Ashton Thomas Private Wealth LLC Buys 11,910 Shares of Dropbox, Inc. $DBX

Key Points

• Ashton Thomas Private Wealth LLC increased its stake in Dropbox, Inc. by 38.9%, purchasing an additional 11,910 shares, bringing its total holdings to 42,549 shares valued at $1,136,000.
• In addition to Ashton Thomas, multiple institutional investors, including LSV Asset Management and Caisse DE Depot ET Placement DU Quebec, also raised their positions in Dropbox during the first quarter, highlighting strong institutional interest in the stock.
• Dropbox's stock has recently been downgraded by various analysts, with a consensus rating of "Hold" and a price target of $30.33, reflecting cautious sentiment among market analysts.

Ashton Thomas Private Wealth LLC grew its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 38.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,549 shares of the company's stock after purchasing an additional 11,910 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Dropbox were worth $1,136,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. LSV Asset Management lifted its stake in Dropbox by 18.4% in 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. increased 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 buying an additional 36,268 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Dropbox by 38.1% in 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 acquiring an additional 684,882 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Dropbox by 2.9% in the 1st quarter. Northern Trust Corp now owns 2,215,796 shares of the company's stock valued at $59,184,000 after acquiring an additional 62,493 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of 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 acquiring an additional 2,017,997 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

DBX has been the subject of a number of recent research reports. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. UBS Group reduced 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. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Dropbox currently has an average rating of "Hold" and a consensus price target of $30.33.

Dropbox Trading Down 1.6%

Shares of DBX opened at $30.71 on Thursday. The stock's 50-day moving average price is $27.93 and its two-hundred day moving average price is $27.77. Dropbox, Inc. has a 12 month low of $23.33 and a 12 month high of $33.33. The company has a market capitalization of $8.29 billion, a PE ratio of 18.73, a PEG ratio of 4.13 and a beta of 0.70.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share (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 during the quarter, compared to the consensus estimate of $618.60 million. During the same period last year, the company earned $0.60 earnings per share. The firm's revenue was down 1.4% compared to the same quarter last year. Equities research analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Ali Dasdan sold 12,812 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.00, for a total transaction of $384,360.00. Following the transaction, the chief technology officer owned 551,060 shares in the company, valued at approximately $16,531,800. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ashraf Alkarmi sold 10,000 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the insider directly owned 459,333 shares in the company, valued at $13,779,990. This trade represents a 2.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 326,931 shares of company stock valued at $9,292,403 in the last 90 days. Company 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.

Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox, Inc. (NASDAQ:DBX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.