Caprock Group LLC Has $2.20 Million Stock Position in Dropbox, Inc. $DBX

Key Points

• Caprock Group LLC raised its stake in Dropbox to 79,000 shares (worth about $2.20 million) in Q4, a 156% increase from the prior quarter.
• Analysts have turned more bearish on DBX, with the consensus rating now “Reduce” and an average price target of $27.50 following multiple downgrades and target cuts by firms including JPMorgan and UBS.
• Insiders sold 412,021 shares worth roughly $10.17 million over the past three months, while institutional investors own 94.84% of the stock and insiders collectively hold 35.48%.

Caprock Group LLC raised its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 156.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,000 shares of the company's stock after acquiring an additional 48,139 shares during the quarter. Caprock Group LLC's holdings in Dropbox were worth $2,196,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rossby Financial LCC grew its position in Dropbox by 128.5% in the third quarter. Rossby Financial LCC now owns 937 shares of the company's stock valued at $28,000 after purchasing an additional 527 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in Dropbox in the 3rd quarter valued at $30,000. First Horizon Corp bought a new stake in Dropbox during the 3rd quarter worth about $31,000. LRI Investments LLC lifted its position in Dropbox by 666.7% during the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company's stock worth $35,000 after buying an additional 1,000 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock worth $36,000 after buying an additional 558 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DBX. JPMorgan Chase & Co. decreased their price objective on Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, February 20th. UBS Group dropped their target price on Dropbox from $27.00 to $23.00 and set a "sell" rating on the stock in a report on Friday, February 20th. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a research report on Friday, January 23rd. William Blair restated an "underperform" rating on shares of Dropbox in a research note on Monday, March 23rd. Finally, Royal Bank Of Canada lowered their price target on Dropbox from $35.00 to $30.00 and set an "outperform" rating on the stock in a research report on Friday, February 20th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $27.50.

Insiders Place Their Bets

In other news, CAO Sarah Elizabeth Schubach sold 1,416 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $24.49, for a total transaction of $34,677.84. Following the transaction, the chief accounting officer directly owned 86,319 shares of the company's stock, valued at approximately $2,113,952.31. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Ali Dasdan sold 7,306 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $24.89, for a total transaction of $181,846.34. Following the transaction, the chief technology officer directly owned 499,379 shares in the company, valued at $12,429,543.31. This represents a 1.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 412,021 shares of company stock worth $10,173,406 in the last three months. 35.48% of the stock is owned by corporate insiders.

Dropbox Price Performance

Shares of DBX stock opened at $24.02 on Friday. The company has a fifty day moving average price of $24.36 and a two-hundred day moving average price of $26.77. Dropbox, Inc. has a one year low of $21.69 and a one year high of $32.40. The stock has a market cap of $5.79 billion, a P/E ratio of 12.91, a P/E/G ratio of 1.69 and a beta of 0.61.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.02. The company had revenue of $636.20 million for the quarter, compared to analyst estimates of $627.83 million. Dropbox had a net margin of 20.17% and a negative return on equity of 37.47%. Dropbox's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. As a group, equities research analysts anticipate that Dropbox, Inc. will post 2.03 EPS for the current fiscal year.

Dropbox Profile

Dropbox, Inc NASDAQ: DBX is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.

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