Rehmann Capital Advisory Group Makes New Investment in Dropbox, Inc. (NASDAQ:DBX)

Rehmann Capital Advisory Group purchased a new position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,264 shares of the company's stock, valued at approximately $675,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in Dropbox by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 126,321 shares of the company's stock worth $3,794,000 after acquiring an additional 333 shares during the period. Heron Bay Capital Management increased its stake in shares of Dropbox by 2.3% in the fourth quarter. Heron Bay Capital Management now owns 16,769 shares of the company's stock worth $504,000 after purchasing an additional 378 shares in the last quarter. Parallel Advisors LLC grew its stake in Dropbox by 5.6% during the first quarter. Parallel Advisors LLC now owns 7,411 shares of the company's stock valued at $198,000 after acquiring an additional 395 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in Dropbox by 5.1% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,419 shares of the company's stock valued at $256,000 after acquiring an additional 407 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares during the last quarter. Institutional investors own 94.84% of the company's stock.

Dropbox Price Performance

NASDAQ DBX traded up $0.48 on Monday, hitting $27.09. 3,384,999 shares of the company's stock were exchanged, compared to its average volume of 3,405,514. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 10.47 and a beta of 0.65. The firm's 50-day moving average price is $28.61 and its two-hundred day moving average price is $28.66. Dropbox, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $33.33.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on DBX shares. UBS Group upped their price objective on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Citigroup increased their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.

Insiders Place Their Bets

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $28.10, for a total value of $283,753.80. Following the sale, the insider directly owned 492,856 shares of the company's stock, valued at $13,849,253.60. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karen Peacock sold 7,000 shares of Dropbox stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $28.53, for a total transaction of $199,710.00. Following the completion of the sale, the director owned 25,295 shares in the company, valued at approximately $721,666.35. This represents a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 466,125 shares of company stock valued at $13,222,405. 28.59% of the stock is currently owned by corporate insiders.

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.