Convergence Investment Partners LLC bought a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 40,801 shares of the company's stock, valued at approximately $1,090,000.
Other institutional investors have also recently modified their holdings of the company. LSV Asset Management raised its holdings in shares of Dropbox by 24.0% during the 4th quarter. LSV Asset Management now owns 6,446,121 shares of the company's stock worth $193,641,000 after buying an additional 1,245,563 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Dropbox by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company's stock worth $156,955,000 after buying an additional 1,440,887 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Dropbox by 3.0% during the 4th quarter. AQR Capital Management LLC now owns 3,332,516 shares of the company's stock worth $99,842,000 after buying an additional 97,551 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Dropbox by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,646,502 shares of the company's stock worth $79,505,000 after buying an additional 82,284 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Dropbox by 12.2% during the 4th quarter. First Trust Advisors LP now owns 2,415,093 shares of the company's stock worth $72,549,000 after buying an additional 262,871 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on DBX shares. UBS Group boosted their price target on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Citigroup increased their target price on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.
Check Out Our Latest Stock Analysis on DBX
Dropbox Stock Performance
Shares of DBX traded down $0.14 during mid-day trading on Friday, reaching $27.77. 2,692,653 shares of the company were exchanged, compared to its average volume of 3,347,194. Dropbox, Inc. has a 52 week low of $21.32 and a 52 week high of $33.33. The stock has a market capitalization of $7.82 billion, a PE ratio of 18.15, a PEG ratio of 10.92 and a beta of 0.65. The business has a 50 day simple moving average of $28.22 and a two-hundred day simple moving average of $28.48.
Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $624.70 million during the quarter, compared to analyst estimates of $619.56 million. During the same quarter last year, the business earned $0.58 EPS. The company's revenue was down 1.0% compared to the same quarter last year. On average, analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.
Insider Activity
In other Dropbox news, CEO Andrew Houston sold 319,000 shares of the firm's stock in a transaction that occurred on 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 owned 8,266,666 shares in the company, valued at approximately $235,434,647.68. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 466,125 shares of company stock worth $13,222,130. 29.95% of the stock is owned by insiders.
About Dropbox
(
Free Report)
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.
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