Partner Investment Management L.P. Has $2.02 Million Holdings in Dropbox Inc (DBX)
Partner Investment Management L.P. boosted its holdings in Dropbox Inc (NASDAQ:DBX) by 85.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 75,287 shares of the company’s stock after purchasing an additional 34,684 shares during the quarter. Dropbox accounts for about 1.5% of Partner Investment Management L.P.’s portfolio, making the stock its 16th largest holding. Partner Investment Management L.P.’s holdings in Dropbox were worth $2,020,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of DBX. First Hawaiian Bank acquired a new stake in Dropbox in the 3rd quarter worth about $118,000. C M Bidwell & Associates Ltd. increased its holdings in Dropbox by 85.2% in the 3rd quarter. C M Bidwell & Associates Ltd. now owns 5,085 shares of the company’s stock valued at $136,000 after buying an additional 2,340 shares during the period. US Bancorp DE increased its holdings in Dropbox by 222.7% in the 3rd quarter. US Bancorp DE now owns 7,825 shares of the company’s stock valued at $210,000 after buying an additional 5,400 shares during the period. Advisors Asset Management Inc. bought a new position in Dropbox in the 2nd quarter valued at about $221,000. Finally, NumerixS Investment Technologies Inc bought a new position in Dropbox in the 2nd quarter valued at about $237,000. Institutional investors and hedge funds own 21.57% of the company’s stock.
In other Dropbox news, CFO Ajay Vashee sold 13,731 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $26.10, for a total transaction of $358,379.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 61,728 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $27.04, for a total transaction of $1,669,125.12. The disclosure for this sale can be found here. Insiders have sold a total of 248,095 shares of company stock worth $6,365,407 over the last ninety days.
Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, November 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.07). The company had revenue of $360.30 million for the quarter, compared to the consensus estimate of $352.74 million. Dropbox had a negative net margin of 38.83% and a negative return on equity of 158.23%. The firm’s revenue was up 25.7% on a year-over-year basis. On average, analysts expect that Dropbox Inc will post -1.06 earnings per share for the current fiscal year.
Several equities analysts have commented on the stock. JMP Securities raised their target price on shares of Dropbox from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, August 10th. Royal Bank of Canada raised shares of Dropbox from a “sector perform” rating to an “outperform” rating and set a $33.00 target price on the stock in a report on Friday, August 10th. Canaccord Genuity raised their target price on shares of Dropbox from $36.00 to $38.00 and gave the company a “buy” rating in a report on Friday, August 10th. Jefferies Financial Group raised their target price on shares of Dropbox to $37.00 and gave the company a “buy” rating in a report on Friday, August 10th. Finally, Zacks Investment Research raised shares of Dropbox from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Monday, August 13th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Dropbox has an average rating of “Buy” and an average target price of $33.93.
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Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc has strategic partnership with Zoom Video Communications, Inc Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.
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