Commerce Bank Has $5.42 Million Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• Commerce Bank has increased its stake in Dropbox, Inc. by 94.9%, acquiring an additional 98,867 shares in the first quarter, bringing its total holdings to 203,052 shares worth approximately $5.42 million.
• Dropbox reported $0.70 earnings per share for its latest quarter, outperforming consensus estimates, but experienced a 1.0% year-over-year decrease in revenue.
• Institutional investors own 94.84% of Dropbox's stock, indicating strong institutional interest in the company.

Commerce Bank grew its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 94.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 203,052 shares of the company's stock after purchasing an additional 98,867 shares during the quarter. Commerce Bank owned approximately 0.07% of Dropbox worth $5,424,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Wedge Capital Management L L P NC increased its position in Dropbox by 1,640.3% during the first quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company's stock worth $57,187,000 after acquiring an additional 2,017,997 shares during the period. Seizert Capital Partners LLC increased its holdings in Dropbox by 524.8% in the 1st quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company's stock valued at $50,198,000 after buying an additional 1,578,566 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in Dropbox by 291.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,797,823 shares of the company's stock valued at $54,007,000 after buying an additional 1,338,234 shares during the period. LSV Asset Management increased its holdings in Dropbox by 24.0% in the 4th quarter. LSV Asset Management now owns 6,446,121 shares of the company's stock valued at $193,641,000 after buying an additional 1,245,563 shares during the period. Finally, Norges Bank bought a new stake in Dropbox in the 4th quarter valued at $20,482,000. Institutional investors own 94.84% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DBX. UBS Group boosted their price target on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, May 9th. Citigroup boosted 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.

Dropbox Stock Performance

Shares of NASDAQ:DBX traded down $0.12 on Tuesday, hitting $26.56. The stock had a trading volume of 190,452 shares, compared to its average volume of 3,741,318. Dropbox, Inc. has a twelve month low of $21.32 and a twelve month high of $33.33. The firm's 50 day moving average price is $28.09 and its 200-day moving average price is $28.39. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 10.41 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last issued 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 net margin of 18.50% and a negative return on equity of 79.66%. The company had revenue of $624.70 million for the quarter, compared to the consensus estimate of $619.56 million. During the same quarter in the previous 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 predict that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Activity

In related news, Director Karen Peacock sold 7,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $28.53, for a total transaction of $199,710.00. Following the transaction, the director owned 25,295 shares in the company, valued at $721,666.35. This represents a 21.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $27.98, for a total transaction of $69,950.00. Following the transaction, the chief financial officer owned 511,094 shares in the company, valued at approximately $14,300,410.12. This trade represents a 0.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 466,125 shares of company stock worth $13,221,355 over the last 90 days. 28.59% of the stock is currently owned by company 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.