Ritholtz Wealth Management Increases Stake in Dropbox, Inc. $DBX

Key Points

• Ritholtz Wealth Management increased its stake in Dropbox, Inc. by 267.1% in the 2nd quarter, owning 76,102 shares valued at approximately $2,177,000.
• Dropbox faced downgrades from multiple analysts, including UBS Group, which lowered its rating from "neutral" to "sell" and adjusted the price target from $29.00 to $27.00.
• Shares of Dropbox saw a 2.0% decline recently, trading at $28.38, and the company reported a 1.4% revenue decrease year-over-year in its last quarterly earnings.

Ritholtz Wealth Management increased its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 267.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 76,102 shares of the company's stock after acquiring an additional 55,374 shares during the quarter. Ritholtz Wealth Management's holdings in Dropbox were worth $2,177,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings in Dropbox by 11.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 48,224 shares of the company's stock worth $1,350,000 after acquiring an additional 5,136 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Dropbox in the 1st quarter worth about $647,000. Farther Finance Advisors LLC increased its holdings in Dropbox by 22.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 9,012 shares of the company's stock worth $258,000 after acquiring an additional 1,641 shares during the last quarter. Rehmann Capital Advisory Group purchased a new stake in Dropbox in the 1st quarter worth about $675,000. Finally, Acadian Asset Management LLC increased its holdings in Dropbox by 1.9% in the 1st quarter. Acadian Asset Management LLC now owns 8,544,978 shares of the company's stock worth $228,202,000 after acquiring an additional 157,148 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. UBS Group lowered Dropbox from a "neutral" rating to a "sell" rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Wall Street Zen downgraded Dropbox from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Dropbox in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $29.67.

Dropbox Stock Down 2.0%

Shares of NASDAQ DBX opened at $28.38 on Friday. Dropbox, Inc. has a 52 week low of $24.42 and a 52 week high of $33.33. The business has a 50-day simple moving average of $29.44 and a two-hundred day simple moving average of $28.47. The company has a market cap of $7.66 billion, a P/E ratio of 17.30, a P/E/G ratio of 3.81 and a beta of 0.67.

Dropbox (NASDAQ:DBX - Get Free Report) last issued 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 firm had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The company's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the company posted $0.60 EPS. Equities research analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Activity

In other news, CTO Ali Dasdan sold 12,812 shares of Dropbox stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $384,360.00. Following the completion of the sale, the chief technology officer owned 551,060 shares in the company, valued at approximately $16,531,800. This trade represents a 2.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William T. Yoon sold 11,430 shares of Dropbox stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.16, for a total value of $344,728.80. Following the sale, the insider owned 223,662 shares of the company's stock, valued at approximately $6,745,645.92. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 316,066 shares of company stock worth $9,174,796. Company insiders own 29.95% of the company's stock.

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.

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