NewEdge Advisors LLC Acquires 15,636 Shares of Dropbox, Inc. $DBX

NewEdge Advisors LLC lifted its stake in Dropbox, Inc. (NASDAQ:DBX) by 1,879.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,468 shares of the company’s stock after acquiring an additional 15,636 shares during the period. NewEdge Advisors LLC’s holdings in Dropbox were worth $374,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Empowered Funds LLC raised its stake in Dropbox by 7.3% during the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after purchasing an additional 2,655 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Dropbox by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock valued at $704,000 after purchasing an additional 2,405 shares during the period. EverSource Wealth Advisors LLC grew its position in Dropbox by 88.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock worth $48,000 after purchasing an additional 787 shares during the last quarter. Cresset Asset Management LLC grew its position in Dropbox by 75.8% in the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock worth $436,000 after purchasing an additional 6,569 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Dropbox by 360.9% during the 2nd quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock worth $3,371,000 after purchasing an additional 92,280 shares during the period. Institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other Dropbox news, CAO Sarah Elizabeth Schubach sold 1,632 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $31.61, for a total transaction of $51,587.52. Following the completion of the transaction, the chief accounting officer owned 124,266 shares in the company, valued at $3,928,048.26. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of Dropbox stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total value of $632,422.00. Following the sale, the chief executive officer directly owned 1,080,746 shares in the company, valued at $30,109,583.56. The trade was a 2.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 59,410 shares of company stock valued at $1,841,022. Corporate insiders own 35.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DBX shares. Citigroup upped their price objective on shares of Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Zacks Research cut Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $28.25.

Dropbox Stock Performance

Shares of DBX stock opened at $34.47 on Monday. The firm has a fifty day moving average of $30.41 and a 200-day moving average of $27.04. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 5.08 and a beta of 0.64. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $36.30.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. The business had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $0.71 EPS. On average, sell-side analysts predict that Dropbox, Inc. will post 1.94 earnings per share for the current year.

Dropbox 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.