Raymond James Financial Inc. Makes New $2.51 Million Investment in Dropbox, Inc. (NASDAQ:DBX)

Raymond James Financial Inc. purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 83,588 shares of the company's stock, valued at approximately $2,511,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of Dropbox by 33.5% during 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. Heron Bay Capital Management grew its stake in shares of Dropbox by 2.3% during the fourth quarter. Heron Bay Capital Management now owns 16,769 shares of the company's stock worth $504,000 after buying an additional 378 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of 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 acquiring an additional 424 shares during the last quarter. Aaron Wealth Advisors LLC boosted its position in shares of Dropbox by 4.8% during the 4th quarter. Aaron Wealth Advisors LLC now owns 10,151 shares of the company's stock worth $305,000 after purchasing an additional 461 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Dropbox by 35.6% during the fourth quarter. Fifth Third Bancorp now owns 1,798 shares of the company's stock valued at $54,000 after purchasing an additional 472 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Stock Down 0.8 %

NASDAQ DBX traded down $0.23 during trading on Friday, hitting $28.61. The stock had a trading volume of 4,139,767 shares, compared to its average volume of 3,638,204. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The firm has a 50 day moving average price of $26.77 and a 200 day moving average price of $28.42. The company has a market capitalization of $8.63 billion, a PE ratio of 20.29, a PEG ratio of 1.70 and a beta of 0.68.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.62 by ($0.11). Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The firm had revenue of $643.60 million during the quarter, compared to analysts' expectations of $638.61 million. On average, sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group raised their price objective on Dropbox from $27.00 to $30.00 and gave the company a "hold" rating in a research note on Monday, January 6th.

Insider Transactions at Dropbox

In other Dropbox news, insider Eric Cox sold 3,765 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total transaction of $99,019.50. Following the transaction, the insider now directly owns 309,550 shares in the company, valued at approximately $8,141,165. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $28.29, for a total value of $70,725.00. Following the transaction, the chief financial officer now owns 562,568 shares of the company's stock, valued at approximately $15,915,048.72. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,765 shares of company stock valued at $383,995. Company insiders own 28.59% of the company's stock.

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.