Bank of Nova Scotia Invests $4.60 Million in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• Bank of Nova Scotia has acquired a new stake in Dropbox, Inc. worth approximately $4.6 million by purchasing 172,218 shares.
• Several hedge funds have increased their positions in Dropbox, with notable raises from True Wealth Design LLC and Huntington National Bank, which saw increases of 191.0% and 768.9% respectively in the last quarter.
• Dropbox reported earnings of $0.70 per share, surpassing estimates, with revenues also exceeding expectations, although they showed a 1.0% year-over-year decline.

Bank of Nova Scotia acquired a new position in Dropbox, Inc. (NASDAQ:DBX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 172,218 shares of the company's stock, valued at approximately $4,600,000. Bank of Nova Scotia owned 0.06% of Dropbox at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of DBX. Bessemer Group Inc. boosted its holdings in Dropbox by 0.3% in the 4th quarter. Bessemer Group Inc. now owns 126,321 shares of the company's stock worth $3,794,000 after buying an additional 333 shares during the period. Parallel Advisors LLC boosted its holdings in Dropbox by 5.6% in the 1st quarter. Parallel Advisors LLC now owns 7,411 shares of the company's stock worth $198,000 after buying an additional 395 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Dropbox by 5.1% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,419 shares of the company's stock worth $256,000 after buying an additional 407 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after purchasing an additional 449 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after purchasing an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Wall Street Analysts Forecast Growth

DBX has been the subject of several research reports. UBS Group dropped their price objective on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday. Citigroup increased their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th.

Insider Activity

In other news, CEO Andrew Houston sold 92,000 shares of Dropbox stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $27.96, for a total transaction of $2,572,320.00. Following the completion of the sale, the chief executive officer owned 8,266,666 shares of the company's stock, valued at approximately $231,135,981.36. The trade was a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Karen Peacock sold 7,000 shares of Dropbox stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $28.53, for a total transaction of $199,710.00. Following the sale, the director directly owned 25,295 shares of the company's stock, valued at $721,666.35. This represents a 21.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 466,125 shares of company stock worth $13,221,355 in the last ninety days. 29.95% of the stock is currently owned by company insiders.

Dropbox Trading Up 2.7%

Shares of NASDAQ:DBX traded up $0.71 during trading on Friday, reaching $26.91. The company's stock had a trading volume of 7,158,938 shares, compared to its average volume of 3,194,248. The stock has a market capitalization of $7.57 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 10.31 and a beta of 0.64. Dropbox, Inc. has a 12 month low of $21.82 and a 12 month high of $33.33. The firm's 50 day simple moving average is $27.88 and its two-hundred day simple moving average is $28.27.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The business had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 71.26%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. Research analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.