Wedge Capital Management L L P NC Boosts Holdings in Dropbox, Inc. (NASDAQ:DBX)

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

Several other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after acquiring an additional 424 shares in the last quarter. Avion Wealth increased its position in 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 purchasing an additional 984 shares during the period. True Wealth Design LLC raised its holdings in Dropbox by 191.0% in 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 in the last quarter. SBI Securities Co. Ltd. bought a new position in Dropbox in the 4th quarter worth $40,000. Finally, Allworth Financial LP lifted its position in shares of Dropbox by 33.5% in the 4th 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 period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Wall Street Analysts Forecast Growth

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

Dropbox Trading Down 2.0%

DBX traded down $0.57 during trading on Wednesday, reaching $28.37. The stock had a trading volume of 3,597,341 shares, compared to its average volume of 3,449,224. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 20.12, a P/E/G ratio of 1.70 and a beta of 0.66. The stock's 50 day moving average is $28.25 and its two-hundred day moving average is $28.87. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.62 by $0.08. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The business had revenue of $624.70 million for the quarter, compared to analyst estimates of $619.56 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. Dropbox's quarterly revenue was down 1.0% on a year-over-year basis. On average, equities research analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Activity at Dropbox

In other Dropbox news, insider William T. Yoon sold 5,449 shares of Dropbox stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $28.94, for a total value of $157,694.06. Following the completion of the transaction, the insider now directly owns 245,837 shares of the company's stock, valued at approximately $7,114,522.78. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Cox sold 2,339 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.94, for a total transaction of $67,690.66. Following the sale, the insider now directly owns 378,427 shares of the company's stock, valued at $10,951,677.38. This trade represents a 0.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,527 shares of company stock valued at $926,986 in the last 90 days. Corporate insiders own 29.95% of the company's stock.

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.