Dropbox, Inc. (NASDAQ:DBX) Shares Acquired by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC lifted its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 16.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 536,143 shares of the company’s stock after buying an additional 73,903 shares during the quarter. Dropbox makes up about 1.8% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 12th largest holding. Sawgrass Asset Management LLC’s holdings in Dropbox were worth $15,805,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Dropbox by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,990,186 shares of the company’s stock worth $88,151,000 after buying an additional 98,568 shares in the last quarter. Leuthold Group LLC boosted its holdings in Dropbox by 35.8% in the fourth quarter. Leuthold Group LLC now owns 17,495 shares of the company’s stock worth $516,000 after purchasing an additional 4,616 shares during the period. Avalon Trust Co acquired a new position in Dropbox in the fourth quarter worth $39,000. LSV Asset Management boosted its holdings in Dropbox by 119.4% in the fourth quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock worth $97,453,000 after purchasing an additional 1,799,030 shares during the period. Finally, Natixis Advisors L.P. acquired a new position in Dropbox in the fourth quarter worth $354,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analysts Set New Price Targets

DBX has been the subject of a number of research reports. The Goldman Sachs Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $26.00 to $24.00 in a report on Friday, February 16th. JPMorgan Chase & Co. downgraded shares of Dropbox from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $33.00 to $30.00 in a report on Friday, February 16th. Bank of America cut Dropbox from a “buy” rating to an “underperform” rating and cut their target price for the company from $34.00 to $28.00 in a research note on Friday, February 16th. KeyCorp raised their target price on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. Finally, JMP Securities cut Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $29.78.

Insider Buying and Selling

In related news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $24.36, for a total transaction of $73,080.00. Following the transaction, the chief financial officer now directly owns 400,720 shares of the company’s stock, valued at $9,761,539.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total value of $1,922,080.00. Following the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $24.36, for a total value of $73,080.00. Following the completion of the transaction, the chief financial officer now directly owns 400,720 shares in the company, valued at approximately $9,761,539.20. The disclosure for this sale can be found here. Insiders have sold a total of 271,721 shares of company stock valued at $6,443,955 over the last three months. Company insiders own 26.40% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ DBX traded down $0.29 during midday trading on Wednesday, reaching $23.32. 4,024,242 shares of the company traded hands, compared to its average volume of 3,865,188. Dropbox, Inc. has a 52 week low of $21.19 and a 52 week high of $33.43. The stock has a 50-day moving average price of $23.75 and a 200 day moving average price of $27.10. The company has a market cap of $8.02 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 2.62 and a beta of 0.70.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The firm had revenue of $635.00 million for the quarter, compared to analyst estimates of $630.77 million. Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. As a group, analysts expect that Dropbox, Inc. will post 1.14 EPS for the current year.

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.