Norges Bank bought a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 681,814 shares of the company's stock, valued at approximately $20,482,000. Norges Bank owned approximately 0.22% of Dropbox at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in shares of Dropbox by 68.2% during the third quarter. HighTower Advisors LLC now owns 26,576 shares of the company's stock worth $683,000 after purchasing an additional 10,777 shares in the last quarter. Quarry LP lifted its position in Dropbox by 23.4% during the 3rd quarter. Quarry LP now owns 2,424 shares of the company's stock worth $62,000 after acquiring an additional 459 shares in the last quarter. Weiss Asset Management LP purchased a new position in Dropbox in the 3rd quarter worth approximately $1,006,000. Orion Portfolio Solutions LLC acquired a new stake in Dropbox in the third quarter valued at approximately $688,000. Finally, M&T Bank Corp purchased a new stake in shares of Dropbox during the third quarter valued at approximately $229,000. 94.84% of the stock is owned by hedge funds and other institutional investors.
Dropbox Price Performance
Shares of NASDAQ:DBX remained flat at $27.08 during trading on Friday. The company had a trading volume of 4,029,025 shares, compared to its average volume of 3,613,920. The stock has a market capitalization of $8.17 billion, a P/E ratio of 19.21, a PEG ratio of 1.70 and a beta of 0.75. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.33. The firm's fifty day simple moving average is $27.80 and its 200-day simple moving average is $28.21.
Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The business had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. Equities research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.
Insider Activity at Dropbox
In related news, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $30.37, for a total value of $75,925.00. Following the completion of the sale, the chief financial officer now directly owns 401,264 shares of the company's stock, valued at $12,186,387.68. The trade was a 0.62 % 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, CEO Andrew Houston sold 80,499 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $30.97, for a total value of $2,493,054.03. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $256,018,646.02. This represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,264 shares of company stock valued at $2,895,324 over the last ninety days. Corporate insiders own 28.59% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Jefferies Financial Group upped their target price on shares of Dropbox from $27.00 to $30.00 and gave the company a "hold" rating in a research note on Monday, January 6th.
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Dropbox Company 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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