Norges Bank Acquires Shares of 1,793,950 Dropbox, Inc. $DBX

Norges Bank bought a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,793,950 shares of the company’s stock, valued at approximately $51,307,000.

Other institutional investors also recently modified their holdings of the company. Hsbc Holdings PLC boosted its stake in Dropbox by 61.5% in the second quarter. Hsbc Holdings PLC now owns 115,383 shares of the company’s stock valued at $3,281,000 after buying an additional 43,923 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Dropbox by 0.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 223,725 shares of the company’s stock worth $6,399,000 after acquiring an additional 750 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Dropbox in the second quarter worth about $59,000. Quadrant Capital Group LLC lifted its holdings in shares of Dropbox by 120.5% in the second quarter. Quadrant Capital Group LLC now owns 15,325 shares of the company’s stock worth $438,000 after acquiring an additional 8,374 shares during the last quarter. Finally, Employees Retirement System of Texas acquired a new stake in shares of Dropbox in the 2nd quarter valued at approximately $53,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insider Buying and Selling

In other news, CEO Andrew Houston sold 101,167 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total value of $2,998,589.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Ali Dasdan sold 12,812 shares of the firm’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $384,360.00. Following the transaction, the chief technology officer owned 551,060 shares of the company’s stock, valued at $16,531,800. This trade represents a 2.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 444,992 shares of company stock valued at $13,259,678 in the last quarter. 29.95% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

DBX has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on shares of Dropbox from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and dropped their price target for the company from $29.00 to $27.00 in a research note on Thursday, September 18th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.75.

Dropbox Price Performance

NASDAQ:DBX opened at $29.34 on Friday. Dropbox, Inc. has a one year low of $24.42 and a one year high of $33.33. The company has a market cap of $7.59 billion, a PE ratio of 16.58, a P/E/G ratio of 2.51 and a beta of 0.63. The firm’s 50 day simple moving average is $29.49 and its 200 day simple moving average is $28.91.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.10. The firm had revenue of $634.40 million during the quarter, compared to the consensus estimate of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 earnings per share. Equities research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current 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.