Ashton Thomas Private Wealth LLC Purchases 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 increased its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 38.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 42,549 shares of the company's stock after buying 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 SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Elequin Capital LP boosted its position in 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 purchasing an additional 469 shares during the period. Brooklyn Investment Group boosted 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 purchasing an additional 991 shares during the period. SBI Securities Co. Ltd. boosted 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 purchasing an additional 449 shares during the period. Fifth Third Bancorp boosted its position in Dropbox by 27.3% during the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after purchasing an additional 490 shares during the period. Finally, UMB Bank n.a. boosted its position in Dropbox by 115.0% during the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares during the period. Institutional investors own 94.84% of the company's stock.

Dropbox Stock Performance

DBX traded up $0.30 on Tuesday, reaching $32.17. The company had a trading volume of 3,187,820 shares, compared to its average volume of 2,874,033. The business has a 50 day simple moving average of $28.23 and a 200 day simple moving average of $27.92. The company has a market cap of $8.68 billion, a price-to-earnings ratio of 19.62, a P/E/G ratio of 4.21 and a beta of 0.70. Dropbox, Inc. has a 52-week low of $24.25 and a 52-week high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results 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 net margin of 19.17% and a negative return on equity of 61.31%. The business had revenue of $625.70 million for the quarter, compared to analysts' expectations of $618.60 million. During the same period last year, the business earned $0.60 earnings per share. The business's quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities research analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insider Buying and Selling at Dropbox

In other Dropbox news, CTO Ali Dasdan sold 12,812 shares of the stock in a transaction that occurred on 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 directly owned 551,060 shares in the company, valued at $16,531,800. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Houston sold 92,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $27.83, for a total transaction of $2,560,360.00. Following the transaction, the chief executive officer owned 8,266,666 shares in the company, valued at $230,061,314.78. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 314,333 shares of company stock valued at $8,938,399. 28.59% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.