Northern Trust Corp Increases Stock Holdings in Dropbox, Inc. $DBX

Key Points

• Northern Trust Corp increased its stake in Dropbox by 2.9%, owning 2,215,796 shares valued at approximately $59 million as of its latest SEC filing.
• Multiple institutional investors significantly modified their positions in Dropbox, with Wedge Capital increasing its stake by 1,640.3% during the first quarter.
• Dropbox's last quarterly earnings report showed EPS of $0.71, exceeding estimates, although revenue decreased by 1.4% compared to the previous year.

Northern Trust Corp boosted its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 2.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,215,796 shares of the company's stock after acquiring an additional 62,493 shares during the period. Northern Trust Corp owned about 0.73% of Dropbox worth $59,184,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. True Wealth Design LLC lifted its position in 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 acquiring an additional 680 shares during the last quarter. Elequin Capital LP lifted its position in 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 acquiring an additional 469 shares during the last quarter. Brooklyn Investment Group lifted its position in Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after acquiring an additional 991 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after acquiring an additional 449 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after acquiring an additional 490 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DBX has been the topic of several research reports. Citigroup raised 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 lowered their price objective 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. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $30.33.

Insider Activity at Dropbox

In other Dropbox news, Director Abhay Parasnis sold 3,564 shares of the business's stock in a transaction 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 sale, the director directly owned 40,522 shares in the company, valued at approximately $1,145,151.72. The trade was a 8.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Ali Dasdan sold 5,666 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $27.30, for a total transaction of $154,681.80. Following the sale, the chief technology officer owned 563,872 shares in the company, valued at $15,393,705.60. The trade was a 0.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 562,072 shares of company stock worth $15,858,981. 29.95% of the stock is currently owned by insiders.

Dropbox Stock Performance

Dropbox stock traded up $0.14 during trading hours on Friday, reaching $29.06. 2,596,203 shares of the stock were exchanged, compared to its average volume of 3,648,723. The stock has a market cap of $7.84 billion, a P/E ratio of 17.72, a P/E/G ratio of 3.84 and a beta of 0.64. Dropbox, Inc. has a 52-week low of $22.72 and a 52-week high of $33.33. The firm's 50 day moving average is $27.69 and its 200 day moving average is $27.85.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The company had revenue of $625.70 million during 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%. Dropbox's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. Equities research analysts expect 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.