Fred Alger Management LLC Purchases Shares of 9,836 Dropbox, Inc. $DBX

Key Points

• Fred Alger Management LLC purchased a new stake in Dropbox, acquiring 9,836 shares valued at approximately $263,000 during the 1st quarter.
• Institutional investors and hedge funds now own 94.84% of Dropbox's stock, with several firms significantly increasing their holdings in the same period.
• Dropbox reported a net margin of 19.17% and revenue of $625.70 million in the latest quarter, surpassing analyst expectations.

Fred Alger Management LLC purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 9,836 shares of the company's stock, valued at approximately $263,000.

Several other hedge funds have also added to or reduced their stakes in DBX. Wedge Capital Management L L P NC lifted its holdings in Dropbox by 1,640.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company's stock valued at $57,187,000 after purchasing an additional 2,017,997 shares during the last quarter. Seizert Capital Partners LLC lifted its holdings in Dropbox by 524.8% during the 1st quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company's stock valued at $50,198,000 after purchasing an additional 1,578,566 shares during the last quarter. LSV Asset Management lifted its holdings in Dropbox by 18.4% during the 1st quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock worth $203,891,000 after purchasing an additional 1,187,395 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Dropbox by 38.1% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,482,705 shares of the company's stock worth $66,313,000 after purchasing an additional 684,882 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Dropbox during the 4th quarter worth approximately $9,189,000. Institutional investors and hedge funds own 94.84% of the company's stock.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $30.71 on Thursday. Dropbox, Inc. has a 52 week low of $23.33 and a 52 week high of $33.33. The stock has a market capitalization of $8.29 billion, a P/E ratio of 18.73, a PEG ratio of 4.13 and a beta of 0.70. The stock's fifty day moving average is $27.93 and its 200 day moving average is $27.77.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping 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 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 business earned $0.60 earnings per share. Dropbox's revenue was down 1.4% on a year-over-year basis. Equities research analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $27.30, for a total value of $275,675.40. Following the transaction, the insider owned 469,333 shares in the company, valued at approximately $12,812,790.90. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 10,000 shares of the business's 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 transaction, the chief financial officer directly owned 516,094 shares of the company's stock, valued at $14,419,666.36. This trade represents a 1.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 326,931 shares of company stock valued at $9,292,403 in the last ninety days. Insiders own 29.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on DBX. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. UBS Group dropped their price target on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $30.33.

Dropbox Company Profile

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.

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