Invst LLC Purchases New Position in Dropbox, Inc. $DBX

Key Points

• Invst LLC has made a new investment of approximately $683,000 in Dropbox, Inc., acquiring 25,561 shares during the first quarter.
• Institutional investors now hold 94.84% of Dropbox's stock, indicating strong institutional interest and recent significant increases in holdings by other funds.
• Analysts have downgraded Dropbox's stock from a "buy" to a "hold" rating, with an average price target of $30.33, suggesting a more cautious outlook for investors.

Invst LLC bought a new position 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 & Exchange Commission. The fund bought 25,561 shares of the company's stock, valued at approximately $683,000.

Other hedge funds also recently made changes to their positions in the company. Wedge Capital Management L L P NC boosted its holdings in shares of 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 acquiring an additional 2,017,997 shares in the last quarter. Seizert Capital Partners LLC grew its holdings in shares of Dropbox by 524.8% during the first quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company's stock worth $50,198,000 after purchasing an additional 1,578,566 shares during the last quarter. LSV Asset Management increased its stake in shares of Dropbox by 18.4% in the first quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock valued at $203,891,000 after buying 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 buying an additional 684,882 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Dropbox during the 1st quarter worth approximately $6,401,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on DBX shares. Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. UBS Group downgraded Dropbox from a "neutral" rating to a "sell" rating and cut their target price for the stock from $29.00 to $27.00 in a report on Thursday. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Dropbox presently has a consensus rating of "Reduce" and a consensus target price of $29.67.

Insider Activity at Dropbox

In other news, CTO Ali Dasdan sold 12,812 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $384,360.00. Following the completion of the transaction, the chief technology officer directly owned 551,060 shares in the company, valued at approximately $16,531,800. This trade represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew Houston sold 45,835 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.04, for a total value of $1,376,883.40. The disclosure for this sale can be found here. Insiders have sold a total of 314,333 shares of company stock worth $8,938,399 over the last 90 days. Corporate insiders own 29.95% of the company's stock.

Dropbox Trading Down 2.0%

Shares of DBX traded down $0.65 on Thursday, reaching $31.04. The company's stock had a trading volume of 3,342,073 shares, compared to its average volume of 3,705,531. The firm has a fifty day moving average of $28.31 and a 200-day moving average of $27.95. The stock has a market capitalization of $8.38 billion, a PE ratio of 18.92, a PEG ratio of 4.25 and a beta of 0.70. Dropbox, Inc. has a twelve month low of $24.25 and a twelve month high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The firm's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.