Globeflex Capital L P Acquires New Shares in Dropbox, Inc. $DBX

Globeflex Capital L P acquired a new position in Dropbox, Inc. (NASDAQ:DBX) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 18,859 shares of the company’s stock, valued at approximately $518,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. LSV Asset Management increased its position in Dropbox by 1.1% during the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock valued at $326,251,000 after purchasing an additional 121,999 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Dropbox by 12.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after purchasing an additional 960,109 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock valued at $153,935,000 after buying an additional 70,867 shares during the period. Wedge Capital Management L L P NC raised its stake in Dropbox by 26.4% in the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock worth $82,552,000 after buying an additional 627,111 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Dropbox by 28.1% in the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after buying an additional 596,440 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Citigroup lifted their price target on Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Zacks Research cut Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Finally, William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Dropbox has an average rating of “Reduce” and a consensus target price of $28.25.

Insider Buying and Selling

In other news, CTO Ali Dasdan sold 11,332 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $34.13, for a total transaction of $386,761.16. Following the transaction, the chief technology officer owned 471,052 shares in the company, valued at $16,077,004.76. This represents a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric T. Webster sold 15,830 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total transaction of $539,644.70. Following the transaction, the insider owned 416,236 shares in the company, valued at approximately $14,189,485.24. This trade represents a 3.66% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 61,041 shares of company stock valued at $1,896,492 in the last 90 days. 35.48% of the stock is owned by insiders.

Dropbox Trading Down 0.3%

Shares of DBX opened at $34.78 on Wednesday. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $36.30. The stock has a fifty day moving average price of $30.71 and a 200-day moving average price of $27.18. The firm has a market cap of $7.85 billion, a PE ratio of 19.32, a P/E/G ratio of 5.14 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. During the same quarter last year, the firm earned $0.71 EPS. The business’s quarterly revenue was up .9% on a year-over-year basis. As a group, research analysts forecast that Dropbox, Inc. will post 1.94 EPS for the current year.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.