Graham Capital Management L.P. Takes Position in Dropbox, Inc. $DBX

Key Points

• Graham Capital Management L.P. has acquired a new stake in Dropbox, Inc., purchasing 49,792 shares valued at approximately $1,330,000 during the first quarter.
• Various other institutional investors have also increased their positions in Dropbox, leading to institutional ownership of 94.84% of the company's stock.
• Dropbox reported earnings of $0.71 per share, exceeding expectations and showing a 1.4% decrease in revenue compared to the previous year.

Graham Capital Management L.P. purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 49,792 shares of the company's stock, valued at approximately $1,330,000.

Other large investors have also made changes to their positions in the company. Elequin Capital LP lifted its stake in shares of Dropbox by 71.0% during the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after acquiring an additional 469 shares during the period. Brooklyn Investment Group increased its holdings in Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after purchasing an additional 991 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after purchasing an additional 449 shares during the last quarter. Fifth Third Bancorp increased its holdings in Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after purchasing an additional 490 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock valued at $67,000 after purchasing an additional 1,338 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Dropbox Price Performance

Shares of Dropbox stock opened at $28.48 on Wednesday. Dropbox, Inc. has a 1 year low of $22.72 and a 1 year high of $33.33. The business has a 50-day moving average of $27.69 and a two-hundred day moving average of $27.80. The company has a market capitalization of $7.69 billion, a P/E ratio of 17.37, a price-to-earnings-growth ratio of 3.84 and a beta of 0.70.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $618.60 million. During the same period in the prior year, the company earned $0.60 earnings per share. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DBX has been the subject of a number of recent analyst reports. UBS Group dropped their price objective on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Citigroup upped their price objective on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $30.33.

Insider Buying and Selling at Dropbox

In related news, CEO Andrew Houston sold 319,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the completion of the transaction, the chief executive officer directly owned 8,266,666 shares in the company, valued at approximately $235,434,647.68. This trade represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $12,812,790.90. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 562,072 shares of company stock valued at $15,858,981 in the last 90 days. 28.59% of the stock is currently owned by corporate insiders.

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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