Wedge Capital Management L L P NC Boosts Position in Dropbox, Inc. $DBX

Key Points

• Wedge Capital Management L L P NC increased its stake in Dropbox, Inc. by 4.0% in Q2, owning 2,227,560 shares worth approximately $63.7 million, making it the firm's 15th largest holding.
• Recent insider trading includes CEO Andrew Houston selling 45,835 shares for $1.38 million, while insiders have collectively sold 314,333 shares worth nearly $8.94 million in the last quarter.
• Dropbox reported Q2 earnings of $0.71 per share, exceeding analysts' expectations, but revenue declined 1.4% year-over-year, leading to a downgrade in stock ratings from some analysts.

Wedge Capital Management L L P NC boosted its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 4.0% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,227,560 shares of the company's stock after purchasing an additional 86,534 shares during the period. Dropbox comprises 1.1% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 15th biggest position. Wedge Capital Management L L P NC owned approximately 0.79% of Dropbox worth $63,708,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in DBX. UMB Bank n.a. increased its position in shares of Dropbox by 29.7% during the 2nd quarter. UMB Bank n.a. now owns 3,243 shares of the company's stock valued at $93,000 after purchasing an additional 742 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Dropbox by 0.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 88,984 shares of the company's stock valued at $2,545,000 after purchasing an additional 691 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Dropbox by 26.0% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 197,200 shares of the company's stock valued at $5,636,000 after purchasing an additional 40,700 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Dropbox by 11.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 48,224 shares of the company's stock valued at $1,350,000 after purchasing an additional 5,136 shares during the last quarter. Finally, Aaron Wealth Advisors LLC increased its position in shares of Dropbox by 11.3% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 13,073 shares of the company's stock valued at $374,000 after purchasing an additional 1,328 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Dropbox Trading Down 0.8%

Shares of DBX traded down $0.24 during trading hours on Tuesday, reaching $30.68. 1,456,188 shares of the company's stock traded hands, compared to its average volume of 3,741,685. The stock has a market cap of $8.28 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 4.05 and a beta of 0.69. The firm's 50 day simple moving average is $28.54 and its 200-day simple moving average is $28.07. Dropbox, Inc. has a 12 month low of $24.42 and a 12 month high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The company 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%.Dropbox's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS. As a group, analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Dropbox news, CTO Ali Dasdan sold 12,812 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value 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. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 45,835 shares of the business's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.04, for a total value of $1,376,883.40. The disclosure for this sale can be found here. Insiders have sold a total of 314,333 shares of company stock worth $8,938,399 over the last ninety days. Corporate insiders own 28.59% of the company's stock.

Analyst Ratings Changes

DBX has been the subject of several research analyst reports. Wall Street Zen lowered Dropbox from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. 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. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Dropbox has a consensus rating of "Reduce" and a consensus price target of $29.67.

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.