Ritholtz Wealth Management Purchases New Position in Dropbox, Inc. (NASDAQ:DBX)

Ritholtz Wealth Management purchased a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 20,728 shares of the company's stock, valued at approximately $554,000.

Other hedge funds have also modified their holdings of the company. Intech Investment Management LLC raised its position in shares of Dropbox by 185.2% in the 4th quarter. Intech Investment Management LLC now owns 150,488 shares of the company's stock valued at $4,521,000 after acquiring an additional 97,725 shares during the period. HighTower Advisors LLC increased its stake in Dropbox by 4.3% during the 4th quarter. HighTower Advisors LLC now owns 27,707 shares of the company's stock worth $832,000 after purchasing an additional 1,131 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Dropbox during the 4th quarter worth approximately $25,375,000. IFP Advisors Inc increased its stake in Dropbox by 436.7% during the 4th quarter. IFP Advisors Inc now owns 3,322 shares of the company's stock worth $101,000 after purchasing an additional 2,703 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Dropbox during the 4th quarter worth approximately $242,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Dropbox

In related news, insider Eric Cox sold 2,339 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $28.94, for a total value of $67,690.66. Following the completion of the transaction, the insider now directly owns 378,427 shares of the company's stock, valued at approximately $10,951,677.38. This trade represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the firm's stock in a transaction on Friday, March 28th. The shares were sold at an average price of $26.57, for a total transaction of $66,425.00. Following the completion of the transaction, the chief financial officer now directly owns 367,791 shares of the company's stock, valued at $9,772,206.87. This represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 364,125 shares of company stock valued at $10,366,110 in the last ninety days. 29.95% of the stock is currently owned by corporate insiders.

Dropbox Stock Down 2.2%

Shares of DBX opened at $28.32 on Thursday. The stock has a market capitalization of $7.97 billion, a P/E ratio of 18.51 and a beta of 0.66. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The company has a 50 day moving average of $28.52 and a 200-day moving average of $28.88.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate 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 business's quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $0.58 EPS. On average, sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Citigroup increased their target price on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. UBS Group increased their target price on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th.

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.

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