Abacus FCF Advisors LLC Boosts 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 increased its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 56.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 103,804 shares of the company's stock after purchasing an additional 37,283 shares during the quarter. Abacus FCF Advisors LLC's holdings in Dropbox were worth $2,969,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Parallel Advisors LLC boosted its position 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 in the last quarter. SBI Securities Co. Ltd. boosted 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 acquiring an additional 449 shares during the last quarter. Elequin Capital LP lifted its stake in shares of Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after buying an additional 469 shares in the last quarter. Fifth Third Bancorp increased its holdings in Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after acquiring an additional 490 shares during the period. Finally, Burns Matteson Capital Management LLC increased its holdings in shares of Dropbox by 3.6% in the 1st quarter. Burns Matteson Capital Management LLC now owns 16,158 shares of the company's stock worth $432,000 after buying an additional 568 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Insider Transactions at Dropbox

In other news, insider William T. Yoon sold 11,430 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.16, for a total value of $344,728.80. Following the completion of the sale, the insider directly owned 223,662 shares of the company's stock, valued at approximately $6,745,645.92. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the chief financial officer directly owned 516,094 shares of the company's stock, valued at approximately $14,419,666.36. This represents a 1.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 314,333 shares of company stock valued at $8,938,399 over the last three months. 28.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on DBX shares. UBS Group cut shares of Dropbox from a "neutral" rating to a "sell" rating and dropped their price target for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Two investment 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, the stock has an average rating of "Reduce" and an average price target of $29.67.

Dropbox Stock Down 0.5%

Shares of DBX traded down $0.16 during mid-day trading on Tuesday, hitting $30.75. 1,259,149 shares of the company traded hands, compared to its average volume of 3,740,871. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33. The company has a market capitalization of $8.30 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 4.05 and a beta of 0.69. The business has a 50 day moving average of $28.54 and a 200 day moving average of $28.07.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm had revenue of $625.70 million for the quarter, compared to analyst estimates of $618.60 million. During the same quarter last year, the firm posted $0.60 EPS. The business's revenue was down 1.4% on a year-over-year basis. As a group, research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.