Sowell Financial Services LLC purchased a new position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,313 shares of the company's stock, valued at approximately $302,000.
Other institutional investors have also modified their holdings of the company. Intech Investment Management LLC raised its holdings in shares of Dropbox by 185.2% during the 4th 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 period. HighTower Advisors LLC raised its holdings in shares of 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 acquiring an additional 1,131 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Dropbox during the 4th quarter worth $25,375,000. IFP Advisors Inc raised its holdings in shares of 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 acquiring an additional 2,703 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in Dropbox in the 4th quarter valued at about $242,000. Hedge funds and other institutional investors own 94.84% of the company's stock.
Dropbox Trading Up 1.3%
Shares of DBX opened at $28.70 on Friday. The firm has a market cap of $8.08 billion, a P/E ratio of 18.76 and a beta of 0.66. Dropbox, Inc. has a 12-month low of $21.32 and a 12-month high of $33.33. The company's 50-day moving average price is $28.57 and its 200 day moving average price is $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 (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. The company had revenue of $624.70 million for the quarter, compared to analyst estimates of $619.56 million. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The business's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share. Equities research analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.
Analysts Set New Price Targets
Several brokerages recently issued reports on DBX. UBS Group boosted their price objective on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, May 9th. Citigroup boosted their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th.
Read Our Latest Report on Dropbox
Insiders Place Their Bets
In other news, CEO Andrew Houston sold 319,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company's stock, valued at approximately $235,434,647.68. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $28.10, for a total value of $70,250.00. Following the transaction, the chief financial officer now directly owns 528,594 shares of the company's stock, valued at approximately $14,853,491.40. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 364,125 shares of company stock worth $10,366,110 over the last three months. Company insiders own 29.95% of the company's stock.
Dropbox Profile
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Free Report)
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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