Abacus FCF Advisors LLC Boosts Stock Holdings in Dropbox, Inc. $DBX

Key Points

• Abacus FCF Advisors LLC increased its holdings in Dropbox, Inc. by 56.0% during the second quarter, owning 103,804 shares valued at approximately $2.97 million.
• Dropbox reported earnings of $0.71 per share for the last quarter, exceeding analyst expectations of $0.63, despite a 1.4% decline in revenue year-over-year.
• Recent analyst reports downgraded Dropbox’s stock, with UBS cutting its rating from "neutral" to "sell" and adjusting the price target to $27.00.

Abacus FCF Advisors LLC boosted its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 56.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,804 shares of the company's stock after buying an additional 37,283 shares during the period. Abacus FCF Advisors LLC's holdings in Dropbox were worth $2,969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Elequin Capital LP lifted its position in shares of Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after acquiring an additional 469 shares in the last quarter. Brooklyn Investment Group grew its stake in Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after buying an additional 991 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after buying an additional 449 shares during the period. Fifth Third Bancorp boosted its position in Dropbox by 27.3% during the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after purchasing an additional 490 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Dropbox by 115.0% during the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares during the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DBX shares. Wall Street Zen downgraded Dropbox from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. UBS Group cut shares of Dropbox from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $29.00 to $27.00 in a research report on Thursday. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Dropbox has a consensus rating of "Reduce" and an average target price of $29.67.

Dropbox Stock Down 0.6%

DBX stock traded down $0.18 during midday trading on Friday, hitting $30.61. 10,257,028 shares of the company traded hands, compared to its average volume of 3,491,269. The business has a 50 day simple moving average of $28.46 and a 200-day simple moving average of $28.04. Dropbox, Inc. has a twelve month low of $24.35 and a twelve month high of $33.33. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 4.05 and a beta of 0.70.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The firm 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 business's revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. Equities research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling at Dropbox

In other news, Director Karen Peacock sold 2,000 shares of the company's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $60,000.00. Following the completion of the sale, the director directly owned 23,295 shares in the company, valued at $698,850. This represents a 7.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Andrew Houston sold 45,835 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.04, for a total value of $1,376,883.40. The disclosure for this sale can be found here. Insiders have sold a total of 314,333 shares of company stock valued at $8,938,399 over the last three months. 29.95% of the stock is currently owned by corporate insiders.

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.