Maverick Capital Ltd. Invests $853,000 in Dropbox, Inc. $DBX

Key Points

• Maverick Capital Ltd. acquired 31,942 shares of Dropbox, Inc. (NASDAQ:DBX) in the first quarter, valued at approximately $853,000.
• Insider Ashraf Alkarmi sold 10,098 shares of Dropbox, reducing their ownership by 2.11%, while insiders overall sold 562,072 shares worth about $15.9 million in the last quarter.
• Equities analysts have mixed ratings on Dropbox, with an average target price of $30.33 and Citigroup recently raising its target from $30.00 to $32.00.

Maverick Capital Ltd. bought a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 31,942 shares of the company's stock, valued at approximately $853,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in DBX. Stifel Financial Corp bought a new position in shares of Dropbox in the 4th quarter valued at $935,000. Northern Trust Corp raised its position in Dropbox by 20.9% in the fourth quarter. Northern Trust Corp now owns 2,153,303 shares of the company's stock valued at $64,685,000 after purchasing an additional 372,701 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in shares of Dropbox by 2.0% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 26,700 shares of the company's stock worth $802,000 after purchasing an additional 513 shares during the last quarter. Freestone Grove Partners LP acquired a new position in shares of Dropbox in the fourth quarter valued at approximately $396,000. Finally, AXA S.A. raised its holdings in Dropbox by 28.4% in the 4th quarter. AXA S.A. now owns 600,154 shares of the company's stock valued at $18,029,000 after buying an additional 132,853 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Insider Activity

In related news, CTO Ali Dasdan sold 7,146 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $27.82, for a total value of $198,801.72. Following the transaction, the chief technology officer owned 588,793 shares of the company's stock, valued at approximately $16,380,221.26. This trade represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $27.30, for a total value of $275,675.40. Following the sale, the insider directly owned 469,333 shares of the company's stock, valued at $12,812,790.90. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 562,072 shares of company stock valued at $15,858,981. 29.95% of the stock is currently owned by insiders.

Dropbox Stock Up 1.5%

NASDAQ:DBX traded up $0.44 during trading hours on Friday, reaching $29.87. The company had a trading volume of 2,144,741 shares, compared to its average volume of 3,257,481. Dropbox, Inc. has a twelve month low of $22.72 and a twelve month high of $33.33. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of 18.21, a P/E/G ratio of 3.89 and a beta of 0.70. The business's 50-day simple moving average is $27.76 and its two-hundred day simple moving average is $27.76.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data 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 negative return on equity of 61.31% and a net margin of 19.17%.The firm had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company's quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on DBX shares. Citigroup increased their price objective on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th. UBS Group lowered their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Finally, Wall Street Zen lowered shares of Dropbox from a "buy" rating to a "hold" rating in a research note on Friday. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $30.33.

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.