Dropbox, Inc. (NASDAQ:DBX) Shares Acquired by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its stake in Dropbox, Inc. by 177.2%, acquiring an additional 70,023 shares, bringing its total holdings to 109,549 shares worth approximately $2.93 million.
• Other institutional investors also made significant changes to their positions during the fourth quarter, with notable purchases from Raymond James and Prudential Financial, increasing overall institutional ownership to 94.84%.
• Dropbox recently reported better-than-expected earnings, with an EPS of $0.70, exceeding the consensus estimate of $0.62, despite a 1.0% revenue decline from the previous year.

Envestnet Asset Management Inc. grew its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 177.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,549 shares of the company's stock after acquiring an additional 70,023 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Dropbox were worth $2,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Resonant Capital Advisors LLC grew its holdings in shares of Dropbox by 6.0% during the first quarter. Resonant Capital Advisors LLC now owns 11,744 shares of the company's stock worth $314,000 after purchasing an additional 668 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of Dropbox by 15.7% during the first quarter. Aaron Wealth Advisors LLC now owns 11,745 shares of the company's stock valued at $314,000 after acquiring an additional 1,594 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in Dropbox by 204.2% in the first quarter. Summit Trail Advisors LLC now owns 24,691 shares of the company's stock worth $659,000 after purchasing an additional 16,574 shares in the last quarter. Vontobel Holding Ltd. bought a new position in Dropbox in the first quarter worth $235,000. Finally, New York State Teachers Retirement System raised its holdings in Dropbox by 6.7% in the first quarter. New York State Teachers Retirement System now owns 101,917 shares of the company's stock worth $2,722,000 after purchasing an additional 6,366 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Insider Transactions at Dropbox

In other Dropbox news, Director Karen Peacock sold 7,000 shares of Dropbox stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $28.53, for a total value of $199,710.00. Following the sale, the director owned 25,295 shares in the company, valued at $721,666.35. The trade was a 21.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $26.83, for a total value of $67,075.00. Following the completion of the sale, the chief financial officer owned 513,594 shares in the company, valued at $13,779,727.02. This represents a 0.48% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 463,625 shares of company stock valued at $13,151,405. 29.95% of the stock is currently owned by company insiders.

Dropbox Stock Down 0.1%

DBX traded down $0.02 during trading hours on Thursday, reaching $27.54. 445,161 shares of the company's stock traded hands, compared to its average volume of 3,756,318. The firm has a 50-day moving average price of $28.17 and a 200 day moving average price of $28.46. Dropbox, Inc. has a 52-week low of $21.32 and a 52-week high of $33.33. The firm has a market capitalization of $7.75 billion, a PE ratio of 18.00, a PEG ratio of 10.99 and a beta of 0.65.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.08. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. The business had revenue of $624.70 million during the quarter, compared to analysts' expectations of $619.56 million. During the same period in the prior year, the business earned $0.58 EPS. The business's revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on DBX. UBS Group increased their price objective on Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup raised their price objective on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th.

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.