111,900 Shares in Dropbox, Inc. (NASDAQ:DBX) Acquired by ING Groep NV

Key Points

• ING Groep NV has acquired a new position in Dropbox, Inc., purchasing 111,900 shares valued at approximately $2,989,000 in the 1st quarter.
• Several large investors significantly increased their holdings in Dropbox, with Wedge Capital Management boosting its position by 1,640.3%, owning over 2.1 million shares valued at approximately $57.2 million.
• Analysts have raised their price targets for Dropbox, with UBS Group increasing it from $30.00 to $31.00 and Citigroup boosting it from $30.00 to $32.00, indicating bullish sentiment for the stock.

ING Groep NV 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 111,900 shares of the company's stock, valued at approximately $2,989,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Dropbox during the 1st quarter valued at $647,000. Rehmann Capital Advisory Group purchased a new stake in Dropbox in the 1st quarter worth $675,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Dropbox by 8.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,761,252 shares of the company's stock worth $52,908,000 after purchasing an additional 137,916 shares in the last quarter. Paralel Advisors LLC raised its position in shares of Dropbox by 10.0% during the 4th quarter. Paralel Advisors LLC now owns 103,320 shares of the company's stock valued at $3,104,000 after buying an additional 9,384 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Dropbox by 31.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock valued at $1,187,000 after buying an additional 9,570 shares in the last quarter. Institutional investors own 94.84% of the company's stock.

Insiders Place Their Bets

In other news, insider Ashraf Alkarmi sold 10,098 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $28.10, for a total transaction of $283,753.80. Following the completion of the sale, the insider directly owned 492,856 shares of the company's stock, valued at $13,849,253.60. The trade was a 2.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy Regan sold 10,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $27.94, for a total value of $279,400.00. Following the sale, the chief financial officer owned 516,094 shares in the company, valued at approximately $14,419,666.36. The trade was a 1.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 466,125 shares of company stock worth $13,221,355. Insiders own 29.95% of the company's stock.

Dropbox Stock Up 2.7%

Shares of NASDAQ DBX traded up $0.71 during trading on Friday, hitting $26.91. The company had a trading volume of 7,158,938 shares, compared to its average volume of 3,194,248. The stock has a fifty day simple moving average of $27.88 and a two-hundred day simple moving average of $28.27. Dropbox, Inc. has a fifty-two week low of $21.82 and a fifty-two week high of $33.33. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 10.31 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 71.26%. The business had revenue of $625.70 million for the quarter, compared to the consensus estimate of $618.60 million. During the same period in the previous year, the firm earned $0.60 EPS. The business's revenue was down 1.4% on a year-over-year basis. On average, analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on DBX. Citigroup increased their price objective on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. UBS Group dropped their price objective on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research note on Friday.

Dropbox 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.