CCM Investment Group LLC Invests $545,000 in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• CCM Investment Group LLC has made a new investment of approximately $545,000 in Dropbox, acquiring 20,533 shares during the 1st quarter.
• Dropbox's stock has risen by 2.7%, with current trading prices around $26.91 per share, compared to a $33.33 high and $21.82 low over the past year.
• The company recently reported earnings with an EPS of $0.71, exceeding estimates, but also noted a 1.4% year-over-year revenue decrease.

CCM Investment Group LLC acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 20,533 shares of the company's stock, valued at approximately $545,000.

Several other hedge funds also recently bought and sold shares of the company. LSV Asset Management lifted its position in Dropbox by 18.4% during the first 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. AQR Capital Management LLC lifted its holdings in shares of Dropbox by 3.0% in the 4th quarter. AQR Capital Management LLC now owns 3,332,516 shares of the company's stock worth $99,842,000 after acquiring an additional 97,551 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Dropbox by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company's stock worth $78,802,000 after acquiring an additional 36,268 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Dropbox by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,646,502 shares of the company's stock worth $79,505,000 after acquiring an additional 82,284 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Dropbox by 12.2% in the 4th quarter. First Trust Advisors LP now owns 2,415,093 shares of the company's stock worth $72,549,000 after acquiring an additional 262,871 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Buying and Selling at Dropbox

In other news, insider Ashraf Alkarmi sold 10,098 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $28.10, for a total value of $283,753.80. Following the sale, the insider directly owned 492,856 shares of the company's stock, valued at $13,849,253.60. This represents a 2.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Houston sold 92,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was 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 directly owned 8,266,666 shares in the company, valued at $231,135,981.36. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 466,125 shares of company stock valued at $13,221,355 over the last 90 days. 29.95% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on DBX shares. Citigroup upped their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th. UBS Group lowered their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th.

Dropbox Price Performance

Dropbox stock traded up $0.80 during mid-day trading on Wednesday, reaching $28.13. 3,898,616 shares of the company traded hands, compared to its average volume of 3,345,207. The firm's 50 day moving average price is $27.77 and its 200 day moving average price is $28.19. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 17.15, a P/E/G ratio of 3.68 and a beta of 0.64. Dropbox, Inc. has a 52-week low of $22.32 and a 52-week high of $33.33.

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, beating analysts' consensus estimates of $0.63 by $0.08. The business had revenue of $625.70 million for 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 61.31%. The company's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS. On average, sell-side analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

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.