38,803 Shares in Dropbox, Inc. (NASDAQ:DBX) Bought by Blueshift Asset Management LLC

Key Points

• Blueshift Asset Management LLC acquired a new stake in Dropbox, purchasing 38,803 shares worth approximately $1,036,000 in the first quarter of the year.
• Dropbox's recent quarterly earnings exceeded analyst expectations, reporting $0.70 EPS against an estimated $0.62 EPS, with revenue of $624.70 million.
• Analysts have raised their price targets for Dropbox shares, with Citigroup setting a new target at $32.00 and UBS at $31.00 while maintaining a neutral and buy rating respectively.

Blueshift Asset Management LLC purchased a new position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 38,803 shares of the company's stock, valued at approximately $1,036,000.

A number of other institutional investors and hedge funds have also bought and sold shares of DBX. Commerce Bank grew its holdings in shares of Dropbox by 94.9% during the first quarter. Commerce Bank now owns 203,052 shares of the company's stock worth $5,424,000 after purchasing an additional 98,867 shares during the last quarter. Alberta Investment Management Corp acquired a new position in Dropbox in the 1st quarter valued at approximately $2,107,000. Natixis Advisors LLC lifted its holdings in shares of Dropbox by 32.0% during the first quarter. Natixis Advisors LLC now owns 14,410 shares of the company's stock worth $385,000 after purchasing an additional 3,497 shares during the period. Seizert Capital Partners LLC grew its stake in shares of Dropbox by 524.8% in the first quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company's stock worth $50,198,000 after purchasing an additional 1,578,566 shares during the last quarter. Finally, Bayforest Capital Ltd increased its holdings in Dropbox by 106.3% in the first quarter. Bayforest Capital Ltd now owns 10,437 shares of the company's stock valued at $279,000 after purchasing an additional 5,377 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

Insider Buying and Selling at Dropbox

In other news, CEO Andrew Houston sold 319,000 shares of Dropbox stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy Regan sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $27.94, for a total value 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 represents a 1.90% 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 quarter. Company insiders own 29.95% of the company's stock.

Dropbox Price Performance

Shares of Dropbox stock traded down $0.71 during midday trading on Friday, reaching $26.46. The company had a trading volume of 4,328,635 shares, compared to its average volume of 2,964,519. The stock has a fifty day moving average price of $28.09 and a 200 day moving average price of $28.40. The firm has a market cap of $7.45 billion, a PE ratio of 17.29, a P/E/G ratio of 10.41 and a beta of 0.64. Dropbox, Inc. has a fifty-two week low of $21.32 and a fifty-two week 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, beating the consensus estimate of $0.62 by $0.08. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. The company had revenue of $624.70 million for the quarter, compared to analyst estimates of $619.56 million. During the same quarter in the prior year, the company earned $0.58 EPS. The firm's revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on DBX. Citigroup lifted their target price on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group lifted their price objective on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th.

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.