Martingale Asset Management L P Increases Stake in Dropbox, Inc. $DBX

Key Points

• Martingale Asset Management L P increased its stake in Dropbox, Inc. by 67.4%, acquiring an additional 36,548 shares, bringing its total holdings to 90,770 shares worth approximately $2.42 million.
• Several hedge funds have significantly bolstered their positions in Dropbox, with Banco Bilbao Vizcaya Argentaria S.A. increasing its stake by 126.1% and BI Asset Management Fondsmaeglerselskab A S raising its holdings by 282.3% during the same quarter.
• Dropbox's recent earnings report showed a profit of $0.71 per share, surpassing expectations of $0.63, although the company's revenue decreased by 1.4% compared to the previous year.

Martingale Asset Management L P grew its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 67.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,770 shares of the company's stock after purchasing an additional 36,548 shares during the quarter. Martingale Asset Management L P's holdings in Dropbox were worth $2,424,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Elequin Capital LP grew its position in shares of Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after purchasing an additional 469 shares during the period. True Wealth Design LLC grew its position in shares of Dropbox by 191.0% in the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock valued at $31,000 after purchasing an additional 680 shares during the period. Brooklyn Investment Group boosted its position in Dropbox by 250.3% during the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after acquiring an additional 991 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after acquiring an additional 449 shares during the last quarter. Finally, Fifth Third Bancorp boosted its position in Dropbox by 27.3% during the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after acquiring an additional 490 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Analysts Set New Price Targets

DBX has been the topic of a number of recent research reports. UBS Group lowered their price target 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. Citigroup boosted their price target 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. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $30.33.

Dropbox Stock Performance

Shares of Dropbox stock traded down $0.33 on Monday, reaching $28.49. The company had a trading volume of 2,064,381 shares, compared to its average volume of 3,551,584. The firm's 50 day moving average price is $27.68 and its two-hundred day moving average price is $27.91. The firm has a market cap of $7.69 billion, a PE ratio of 17.37, a PEG ratio of 3.81 and a beta of 0.64. Dropbox, Inc. has a 52-week low of $22.72 and a 52-week high of $33.33.

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. The business had revenue of $625.70 million for the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The business's revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.60 EPS. As a group, sell-side analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Activity

In other Dropbox news, Director Abhay Parasnis sold 3,564 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $28.26, for a total transaction of $100,718.64. Following the completion of the transaction, the director owned 40,522 shares in the company, valued at $1,145,151.72. The trade was a 8.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew Houston sold 92,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $27.83, for a total transaction of $2,560,360.00. Following the transaction, the chief executive officer owned 8,266,666 shares of the company's stock, valued at $230,061,314.78. This trade represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 571,572 shares of company stock worth $16,130,641 over the last 90 days. Company 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.