CCM Investment Group LLC Makes New $545,000 Investment 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 position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 20,533 shares of the company's stock, valued at approximately $545,000.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on DBX. Citigroup upped their price target on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. UBS Group cut their price target on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a research note on Friday, August 8th.

Dropbox Trading Up 1.3%

Shares of Dropbox stock traded up $0.35 during trading hours on Friday, hitting $28.08. 1,022,018 shares of the company were exchanged, compared to its average volume of 3,759,109. Dropbox, Inc. has a 1 year low of $22.43 and a 1 year high of $33.33. The business has a 50-day moving average of $27.74 and a 200-day moving average of $28.16. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 17.13, a P/E/G ratio of 3.78 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%. The business had revenue of $625.70 million during the quarter, compared to analysts' expectations of $618.60 million. During the same quarter in the prior year, the business earned $0.60 earnings per share. The company's quarterly revenue was down 1.4% compared to the same quarter last year. As a group, research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Dropbox news, Director Karen Peacock sold 7,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $28.53, for a total value of $199,710.00. Following the completion of the transaction, the director owned 25,295 shares in the company, valued at approximately $721,666.35. This represents a 21.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Timothy Regan sold 10,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was 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 of the company's stock, valued at $14,419,666.36. The trade was a 1.90% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 450,598 shares of company stock worth $12,770,529. 29.95% of the stock is owned by insiders.

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.