Intech Investment Management LLC Purchases 50,305 Shares of Dropbox, Inc. $DBX

Key Points

• Intech Investment Management LLC increased its holdings in Dropbox, Inc. by 33.4% in Q1, owning approximately $5.36 million worth of shares.
• Several hedge funds significantly boosted their positions in Dropbox, with Wedge Capital Management increasing their holdings by 1,640.3% to own $57.19 million worth of shares.
• Analysts have generally rated Dropbox as a "Hold" with an average price target of $30.33, following a recent reduction in target prices from multiple firms.

Intech Investment Management LLC boosted its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 33.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 200,793 shares of the company's stock after acquiring an additional 50,305 shares during the quarter. Intech Investment Management LLC owned about 0.07% of Dropbox worth $5,363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elequin Capital LP grew its stake in Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after purchasing an additional 469 shares in the last quarter. Brooklyn Investment Group raised its stake in Dropbox by 250.3% during the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after acquiring 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 valued at $48,000 after acquiring an additional 449 shares during the last quarter. Fifth Third Bancorp increased its position 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 purchasing an additional 490 shares during the period. Finally, UMB Bank n.a. increased its position in Dropbox by 115.0% during the 1st 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 period. Institutional investors and hedge funds own 94.84% of the company's stock.

Wall Street Analyst Weigh In

DBX has been the topic of a number of recent research reports. UBS Group reduced their target price on Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research note on Friday, August 8th. Wall Street Zen downgraded Dropbox from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $30.33.

Dropbox Trading Down 2.1%

NASDAQ:DBX traded down $0.68 during mid-day trading on Wednesday, hitting $31.49. The company's stock had a trading volume of 1,683,411 shares, compared to its average volume of 3,690,409. Dropbox, Inc. has a fifty-two week low of $24.25 and a fifty-two week high of $33.33. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 19.20, a P/E/G ratio of 4.21 and a beta of 0.70. The stock has a fifty day moving average of $28.23 and a 200-day moving average of $27.92.

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

Insider Buying and Selling at Dropbox

In other news, insider Ashraf Alkarmi sold 10,000 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the insider directly owned 459,333 shares of the company's stock, valued at approximately $13,779,990. This represents a 2.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William T. Yoon sold 11,430 shares of the company's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.16, for a total transaction of $344,728.80. Following the transaction, the insider owned 223,662 shares in the company, valued at approximately $6,745,645.92. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 314,333 shares of company stock worth $8,938,399 in the last ninety days. Insiders own 28.59% of the company's stock.

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.