LSV Asset Management Acquires 1,187,395 Shares of Dropbox, Inc. (NASDAQ:DBX)

Key Points

• LSV Asset Management increased its holdings in Dropbox by 18.4%, owning approximately 7.6 million shares valued at $203.89 million as of the latest filing.
• Analysts have raised their price targets for Dropbox, with UBS now at $31.00 and Citigroup at $32.00, while both gave the stock positive ratings.
• Dropbox's shares recently dropped by 2.6%, with the stock trading around $26.46, noted significant fluctuations in its 12-month trading range.

LSV Asset Management increased its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,633,516 shares of the company's stock after acquiring an additional 1,187,395 shares during the quarter. LSV Asset Management owned approximately 2.53% of Dropbox worth $203,891,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Baker Avenue Asset Management LP acquired a new stake in shares of Dropbox during the first quarter valued at approximately $238,000. Blueshift Asset Management LLC purchased a new stake in shares of Dropbox in the first quarter worth approximately $1,036,000. Commerce Bank raised its holdings in shares of Dropbox by 94.9% during the first quarter. Commerce Bank now owns 203,052 shares of the company's stock worth $5,424,000 after acquiring an additional 98,867 shares in the last quarter. Alberta Investment Management Corp purchased a new position in Dropbox in the first quarter valued at about $2,107,000. Finally, Natixis Advisors LLC raised its stake in shares of Dropbox by 32.0% during the 1st quarter. Natixis Advisors LLC now owns 14,410 shares of the company's stock worth $385,000 after purchasing an additional 3,497 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup upped their target price on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th.

Dropbox Price Performance

Shares of NASDAQ DBX traded up $0.22 during midday trading on Monday, reaching $26.68. 2,383,053 shares of the stock were exchanged, compared to its average volume of 3,180,951. The business has a 50-day simple moving average of $28.09 and a two-hundred day simple moving average of $28.39. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 10.41 and a beta of 0.64. Dropbox, Inc. has a 12 month low of $21.32 and a 12 month high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.08. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. The firm had revenue of $624.70 million for the quarter, compared to analyst estimates of $619.56 million. During the same quarter in the previous year, the firm earned $0.58 EPS. The business's quarterly revenue was down 1.0% on a year-over-year basis. Equities research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $27.98, for a total transaction of $69,950.00. Following the completion of the sale, the chief financial officer owned 511,094 shares in the company, valued at approximately $14,300,410.12. The trade was a 0.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction dated 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 owned 492,856 shares of the company's stock, valued at approximately $13,849,253.60. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 466,125 shares of company stock worth $13,221,355. Insiders own 28.59% of the company's stock.

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.