Corient Private Wealth LP Buys 191,147 Shares of Dropbox, Inc. $DBX

Key Points

• Corient Private Wealth increased its Dropbox stake by 358.4%, purchasing 191,147 additional shares to own 244,482 shares worth approximately $6.7 million. Institutional investors collectively own 94.84% of the company.
• Dropbox insiders sold 566,524 shares worth nearly $19.8 million over the past 90 days, including significant sales by CFO Ross Tennenbaum and insider William Yoon under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $30.75, despite Dropbox slightly beating quarterly earnings and revenue estimates.

Corient Private Wealth LP raised its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 358.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 244,482 shares of the company's stock after buying an additional 191,147 shares during the quarter. Corient Private Wealth LP owned about 0.11% of Dropbox worth $6,716,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Pacer Advisors Inc. increased its holdings in shares of Dropbox by 2.8% in the first quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company's stock worth $46,530,000 after acquiring an additional 55,921 shares in the last quarter. ING Groep NV acquired a new stake in shares of Dropbox during the fourth quarter worth about $1,223,000. Jupiter Asset Management Ltd. bought a new position in shares of Dropbox during the 4th quarter valued at about $1,591,000. OP Asset Management Ltd acquired a new position in shares of Dropbox in the 1st quarter valued at approximately $3,196,000. Finally, Wedge Capital Management L L P NC grew its position in shares of Dropbox by 26.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company's stock valued at $82,552,000 after purchasing an additional 627,111 shares during the period. 94.84% of the stock is owned by institutional investors.

Insider Transactions at Dropbox

In other Dropbox news, CFO Ross Tennenbaum sold 97,558 shares of Dropbox stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $35.02, for a total value of $3,416,481.16. Following the sale, the chief financial officer directly owned 690,666 shares in the company, valued at approximately $24,187,123.32. The trade was a 12.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Yoon sold 12,382 shares of the business's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $34.78, for a total transaction of $430,645.96. Following the sale, the insider directly owned 366,693 shares in the company, valued at $12,753,582.54. This trade represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 566,524 shares of company stock worth $19,796,496. 35.48% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on DBX. Royal Bank Of Canada reissued an "outperform" rating and set a $42.00 target price on shares of Dropbox in a research note on Thursday, September 3rd. Zacks Research cut shares of Dropbox from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 19th. Wall Street Zen cut shares of Dropbox from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. William Blair raised shares of Dropbox from an "underperform" rating to a "market perform" rating in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Dropbox from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $30.75.

Dropbox Stock Performance

NASDAQ:DBX opened at $37.61 on Friday. The stock has a 50-day simple moving average of $33.52 and a 200 day simple moving average of $28.49. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $38.17. The company has a market cap of $8.49 billion, a PE ratio of 20.89, a PEG ratio of 5.56 and a beta of 0.65.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million for the quarter, compared to analysts' expectations of $626.69 million. During the same quarter in the previous year, the business posted $0.71 EPS. The business's quarterly revenue was up .9% compared to the same quarter last year. On average, research analysts predict that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Dropbox Profile

Dropbox, Inc NASDAQ: DBX is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.

The company's offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.

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