Wedge Capital Management L L P NC Has $57.19 Million Position in Dropbox, Inc. (NASDAQ:DBX)

Wedge Capital Management L L P NC grew its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 1,640.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,141,026 shares of the company's stock after purchasing an additional 2,017,997 shares during the period. Dropbox makes up 1.1% of Wedge Capital Management L L P NC's portfolio, making the stock its 7th biggest holding. Wedge Capital Management L L P NC owned about 0.71% of Dropbox worth $57,187,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock worth $26,000 after buying an additional 424 shares in the last quarter. Avion Wealth boosted its position in shares of Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company's stock valued at $30,000 after acquiring an additional 984 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Dropbox by 191.0% during the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock worth $31,000 after purchasing an additional 680 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Dropbox in the fourth quarter worth approximately $40,000. Finally, Allworth Financial LP increased its position in shares of Dropbox by 33.5% in the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company's stock worth $45,000 after purchasing an additional 365 shares during the last quarter. Institutional investors own 94.84% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DBX. UBS Group lifted 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 lifted their price objective on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th.

Dropbox Trading Down 0.1%

Shares of Dropbox stock opened at $29.47 on Friday. The firm has a market capitalization of $8.30 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.70 and a beta of 0.66. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.33. The business's 50-day moving average price is $28.17 and its 200-day moving average price is $28.85.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $619.56 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. 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 earnings per share. As a group, analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Cox sold 2,339 shares of Dropbox 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 transaction, the insider now directly owns 378,427 shares of the company's stock, valued at $10,951,677.38. The trade was a 0.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy Regan sold 2,500 shares of the company'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 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 have sold a total of 32,527 shares of company stock worth $926,986 in the last 90 days. 29.95% of the stock is owned by company insiders.

Dropbox Company 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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