Dropbox, Inc. (NASDAQ:DBX) Shares Acquired by TD Asset Management Inc

Key Points

• TD Asset Management Inc significantly increased its holdings in Dropbox, Inc. by 170.1% during the first quarter, bringing their total shares owned to 75,900, valued at approximately $2,027,000.
• Multiple hedge funds are adjusting their stakes in Dropbox, with a significant purchase from Norges Bank valued at about $20.48 million in the fourth quarter.
• Dropbox's stock had a relatively stable performance, opening at $26.46 and reporting an EPS of $0.70 for the last quarter, surpassing analysts' expectations.

TD Asset Management Inc boosted its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 170.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 75,900 shares of the company's stock after purchasing an additional 47,800 shares during the period. TD Asset Management Inc's holdings in Dropbox were worth $2,027,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in DBX. True Wealth Design LLC grew its stake in shares of Dropbox by 191.0% during the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock worth $31,000 after purchasing an additional 680 shares during the period. Huntington National Bank grew its position in Dropbox by 768.9% during the fourth quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after buying an additional 1,361 shares during the period. SBI Securities Co. Ltd. raised its position in shares of Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after acquiring an additional 449 shares during the period. Fifth Third Bancorp grew its position in shares of Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after acquiring an additional 490 shares during the period. Finally, UMB Bank n.a. raised its holdings in Dropbox by 115.0% in the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Wall Street Analyst Weigh In

DBX has been the topic of several research analyst reports. Citigroup raised their price objective on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th. UBS Group boosted their target price on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th.

Dropbox Stock Performance

Shares of DBX traded up $0.22 during trading hours on Monday, hitting $26.68. 2,383,053 shares of the stock were exchanged, compared to its average volume of 3,766,227. The stock's 50-day moving average price is $28.09 and its two-hundred day moving average price is $28.39. Dropbox, Inc. has a 12-month low of $21.32 and a 12-month high of $33.33. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 17.44, a price-to-earnings-growth ratio of 10.41 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last announced 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. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The business had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. During the same quarter last year, the firm earned $0.58 EPS. The business's revenue was down 1.0% compared to the same quarter last year. On average, research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Transactions at Dropbox

In other news, Director Karen Peacock sold 7,000 shares of Dropbox stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $28.53, for a total value of $199,710.00. Following the completion of the sale, the director directly owned 25,295 shares of the company's stock, valued at approximately $721,666.35. The trade was a 21.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 92,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $27.96, for a total value of $2,572,320.00. Following the completion of the sale, the chief executive officer owned 8,266,666 shares in the company, valued at $231,135,981.36. This represents a 1.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 466,125 shares of company stock worth $13,221,355 in the last ninety days. 28.59% of the stock is owned by company insiders.

About Dropbox

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.