Kayne Anderson Rudnick Investment Management LLC Grows Stake in Dropbox, Inc. $DBX

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its holdings in Dropbox, Inc. by 344.3% in Q1 2023, acquiring a total of 16,100 shares worth approximately $430,000.
• Several institutional investors also increased their stakes, with Banco Bilbao Vizcaya Argentaria S.A. boosting its stake by 126.1% and BI Asset Management Fondsmaeglerselskab A S increasing by 282.3% during the same quarter.
• Dropbox recently reported earnings with an EPS of $0.71, exceeding analyst estimates, despite experiencing a 1.4% year-over-year decline in revenue.

Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 344.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,100 shares of the company's stock after buying an additional 12,476 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Dropbox were worth $430,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. LSV Asset Management lifted its holdings in Dropbox by 18.4% during the first quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock worth $203,891,000 after acquiring an additional 1,187,395 shares during the period. AQR Capital Management LLC grew its position in shares of Dropbox by 3.0% in the fourth quarter. AQR Capital Management LLC now owns 3,332,516 shares of the company's stock valued at $99,842,000 after purchasing an additional 97,551 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Dropbox by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company's stock worth $78,802,000 after buying an additional 36,268 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Dropbox by 3.2% during the fourth 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, Northern Trust Corp grew its position in Dropbox by 2.9% during the first quarter. Northern Trust Corp now owns 2,215,796 shares of the company's stock worth $59,184,000 after buying an additional 62,493 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Insider Activity at Dropbox

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $27.95, for a total value of $69,875.00. Following the completion of the sale, the chief financial officer owned 482,121 shares in the company, valued at approximately $13,475,281.95. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Abhay Parasnis sold 3,564 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $28.26, for a total value of $100,718.64. Following the completion of the sale, the director owned 40,522 shares of the company's stock, valued at approximately $1,145,151.72. This trade represents a 8.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 562,072 shares of company stock worth $15,858,981 over the last three months. Corporate insiders own 29.95% of the company's stock.

Dropbox Trading Up 0.5%

Shares of DBX traded up $0.14 during midday trading on Friday, reaching $29.06. The stock had a trading volume of 2,596,203 shares, compared to its average volume of 3,648,723. The company's 50-day moving average is $27.69 and its 200 day moving average is $27.85. Dropbox, Inc. has a 12-month low of $22.72 and a 12-month high of $33.33. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 3.84 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The company's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 EPS. Research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. UBS Group reduced their target price on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a research report on Friday, August 8th. Citigroup boosted their target price on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $30.33.

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.