Cornercap Investment Counsel Inc. purchased a new position in shares of Dropbox, Inc. (NASDAQ:DBX – Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 25,026 shares of the company’s stock, valued at approximately $562,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock worth $665,323,000 after purchasing an additional 105,250 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Dropbox by 0.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 4,670,151 shares of the company’s stock valued at $113,485,000 after acquiring an additional 32,600 shares in the last quarter. LSV Asset Management increased its stake in shares of Dropbox by 9.2% in the 2nd quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock valued at $84,089,000 after acquiring an additional 314,862 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Dropbox by 18.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,279,401 shares of the company’s stock valued at $79,664,000 after acquiring an additional 517,052 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Dropbox by 68.2% during the first quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock worth $47,397,000 after acquiring an additional 790,191 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on DBX shares. UBS Group decreased their price target on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Citigroup decreased their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.67.
Insider Buying and Selling
In other news, CEO Andrew Houston sold 82,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $22.40, for a total value of $1,836,800.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at $185,173,318.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Timothy Regan sold 13,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $22.33, for a total transaction of $290,290.00. Following the completion of the sale, the chief financial officer now directly owns 538,122 shares of the company’s stock, valued at $12,016,264.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Houston sold 82,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $22.40, for a total value of $1,836,800.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,000 shares of company stock worth $2,354,690. 26.40% of the stock is owned by corporate insiders.
Dropbox Price Performance
Shares of NASDAQ DBX opened at $24.59 on Friday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The stock has a market capitalization of $8.00 billion, a P/E ratio of 16.28, a P/E/G ratio of 1.51 and a beta of 0.61. The company has a 50-day moving average price of $23.34 and a 200-day moving average price of $23.21.
Dropbox (NASDAQ:DBX – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 EPS. As a group, equities research analysts anticipate that Dropbox, Inc. will post 1.31 earnings per share for the current fiscal year.
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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