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. bought a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 49,792 shares of the company's stock, valued at approximately $1,330,000.

A number of other institutional investors and hedge funds also recently modified their holdings of DBX. Wedge Capital Management L L P NC raised its holdings in Dropbox by 1,640.3% in 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 acquiring an additional 2,017,997 shares during the period. Seizert Capital Partners LLC raised its holdings in Dropbox by 524.8% in the 1st quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company's stock valued at $50,198,000 after acquiring an additional 1,578,566 shares during the period. LSV Asset Management raised its holdings in Dropbox by 18.4% in the 1st quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock valued at $203,891,000 after acquiring an additional 1,187,395 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its holdings in Dropbox by 38.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,482,705 shares of the company's stock valued at $66,313,000 after acquiring an additional 684,882 shares during the period. Finally, Northern Trust Corp raised its holdings in Dropbox by 20.9% in the 4th quarter. Northern Trust Corp now owns 2,153,303 shares of the company's stock valued at $64,685,000 after acquiring an additional 372,701 shares during the period. 94.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DBX. UBS Group decreased their target price on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Wall Street Zen downgraded Dropbox from a "buy" rating to a "hold" rating in a research report on Friday. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Dropbox presently has an average rating of "Hold" and an average price target of $30.33.

Dropbox Stock Performance

Shares of DBX traded up $0.18 during trading hours on Monday, reaching $30.05. The stock had a trading volume of 926,894 shares, compared to its average volume of 3,704,764. Dropbox, Inc. has a 12 month low of $22.72 and a 12 month high of $33.33. The stock has a market capitalization of $8.11 billion, a PE ratio of 18.33, a PEG ratio of 3.95 and a beta of 0.69. The company's 50-day moving average is $27.76 and its two-hundred day moving average is $27.70.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results 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. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The business had revenue of $625.70 million during the quarter, compared to analysts' expectations of $618.60 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. Equities analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Dropbox

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of Dropbox stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $27.30, for a total transaction of $275,675.40. Following the transaction, the insider directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Andrew Houston sold 319,000 shares of Dropbox stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total value of $9,085,120.00. Following the transaction, the chief executive officer directly owned 8,266,666 shares in the company, valued at $235,434,647.68. The trade was a 3.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 562,072 shares of company stock worth $15,858,981 over the last 90 days. Company insiders own 28.59% of the company's stock.

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.