Sowell Financial Services LLC Makes New $302,000 Investment in Dropbox, Inc. (NASDAQ:DBX)

Sowell Financial Services LLC purchased a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,313 shares of the company's stock, valued at approximately $302,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DBX. SG Americas Securities LLC bought a new position in Dropbox in the 1st quarter valued at $647,000. Intech Investment Management LLC raised its position in shares of Dropbox by 185.2% during the fourth quarter. Intech Investment Management LLC now owns 150,488 shares of the company's stock worth $4,521,000 after acquiring an additional 97,725 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of Dropbox by 4.3% during the fourth quarter. HighTower Advisors LLC now owns 27,707 shares of the company's stock valued at $832,000 after acquiring an additional 1,131 shares during the period. KLP Kapitalforvaltning AS bought a new position in Dropbox in the fourth quarter valued at about $25,375,000. Finally, IFP Advisors Inc boosted its holdings in Dropbox by 436.7% in the fourth quarter. IFP Advisors Inc now owns 3,322 shares of the company's stock valued at $101,000 after acquiring an additional 2,703 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Insiders Place Their Bets

In related news, 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 sale, the chief financial officer now directly owns 367,791 shares in the company, valued at $9,772,206.87. This trade represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ashraf Alkarmi sold 10,098 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 492,856 shares of the company's stock, valued at approximately $13,849,253.60. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 364,125 shares of company stock worth $10,366,110. Company insiders own 29.95% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on DBX shares. UBS Group upped their target price on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup raised their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, May 9th.

Dropbox Trading Down 1.0%

Shares of DBX stock traded down $0.30 on Wednesday, reaching $28.54. The company had a trading volume of 2,591,949 shares, compared to its average volume of 3,387,293. The stock has a market cap of $8.03 billion, a PE ratio of 16.29 and a beta of 0.66. The company has a 50-day moving average of $28.69 and a 200-day moving average of $28.87. Dropbox, Inc. has a 12 month low of $21.32 and a 12 month high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. The business 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 EPS. Sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

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.