Dropbox, Inc. (NASDAQ:DBX) Shares Acquired by Prudential PLC

Key Points

• Prudential PLC significantly increased its stake in Dropbox, Inc. by 92.3% in Q1, owning 105,509 shares worth $2.8 million following additional purchases.
• Dropbox reported a net income of $0.71 EPS in its latest earnings, exceeding analysts' expectations but facing a 1.4% year-over-year revenue decline.
• Insider transactions include CEO Andrew Houston selling 92,000 shares at an average price of $27.96, signaling a 1.10% decrease in his ownership position.

Prudential PLC raised its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 92.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,509 shares of the company's stock after acquiring an additional 50,646 shares during the period. Prudential PLC's holdings in Dropbox were worth $2,818,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. LPL Financial LLC boosted its stake in shares of Dropbox by 31.2% in the fourth quarter. LPL Financial LLC now owns 24,506 shares of the company's stock valued at $736,000 after purchasing an additional 5,823 shares during the period. Envestnet Asset Management Inc. lifted its stake in Dropbox by 31.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock worth $1,187,000 after acquiring an additional 9,570 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Dropbox in the fourth quarter worth approximately $2,511,000. Sterling Capital Management LLC lifted its stake in Dropbox by 40.2% in the fourth quarter. Sterling Capital Management LLC now owns 11,112 shares of the company's stock worth $334,000 after acquiring an additional 3,187 shares during the last quarter. Finally, CreativeOne Wealth LLC lifted its stake in Dropbox by 34.7% in the fourth quarter. CreativeOne Wealth LLC now owns 12,274 shares of the company's stock worth $369,000 after acquiring an additional 3,159 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on DBX shares. Citigroup lifted their price target on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. UBS Group decreased their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a research note on Friday, August 8th.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 92,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $27.96, for a total transaction of $2,572,320.00. Following the sale, the chief executive officer owned 8,266,666 shares of the company's stock, valued at approximately $231,135,981.36. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Regan sold 2,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $27.98, for a total transaction of $69,950.00. Following the sale, the chief financial officer directly owned 511,094 shares in the company, valued at approximately $14,300,410.12. The trade was a 0.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 450,598 shares of company stock worth $12,770,529 in the last ninety days. Company insiders own 29.95% of the company's stock.

Dropbox Stock Performance

DBX stock traded up $0.09 during midday trading on Friday, reaching $27.82. 3,517,253 shares of the company were exchanged, compared to its average volume of 3,213,328. Dropbox, Inc. has a 1-year low of $22.43 and a 1-year high of $33.33. The stock's 50-day simple moving average is $27.70 and its 200 day simple moving average is $28.10. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 3.74 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $618.60 million. During the same quarter last year, the company earned $0.60 earnings per share. The firm's revenue for the quarter was down 1.4% on a year-over-year basis. On average, research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current 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.