Profund Advisors LLC Grows Stake in Dropbox Inc (NASDAQ:DBX)
Profund Advisors LLC increased its holdings in shares of Dropbox Inc (NASDAQ:DBX) by 34.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,609 shares of the company’s stock after purchasing an additional 32,003 shares during the quarter. Profund Advisors LLC’s holdings in Dropbox were worth $3,121,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Parametric Portfolio Associates LLC grew its holdings in Dropbox by 467.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 77,201 shares of the company’s stock valued at $1,934,000 after buying an additional 63,599 shares in the last quarter. Seeyond purchased a new position in Dropbox during the 2nd quarter valued at approximately $117,000. Pictet Asset Management Ltd. grew its holdings in Dropbox by 1.8% during the 2nd quarter. Pictet Asset Management Ltd. now owns 4,273,076 shares of the company’s stock valued at $107,041,000 after buying an additional 74,537 shares in the last quarter. Bogle Investment Management L P DE purchased a new position in Dropbox during the 2nd quarter valued at approximately $537,000. Finally, D.A. Davidson & CO. purchased a new position in Dropbox during the 2nd quarter valued at approximately $355,000. Hedge funds and other institutional investors own 40.40% of the company’s stock.
In related news, CFO Ajay Vashee sold 13,731 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $25.00, for a total transaction of $343,275.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy Regan sold 4,125 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $25.60, for a total value of $105,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 85,472 shares of company stock valued at $1,915,604 over the last three months. 31.20% of the stock is owned by corporate insiders.
Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.15. Dropbox had a negative return on equity of 6.57% and a negative net margin of 2.91%. The business had revenue of $401.50 million during the quarter, compared to analyst estimates of $401.09 million. During the same period last year, the company earned $0.11 EPS. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, equities research analysts anticipate that Dropbox Inc will post -0.11 earnings per share for the current year.
Several research firms have weighed in on DBX. TheStreet cut Dropbox from a “c-” rating to a “d+” rating in a report on Friday, August 9th. Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Royal Bank of Canada dropped coverage on Dropbox in a report on Friday, August 9th. Sanford C. Bernstein began coverage on Dropbox in a report on Wednesday, August 7th. They set an “underperform” rating and a $19.00 price target for the company. Finally, Bank of America dropped coverage on Dropbox in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Dropbox has an average rating of “Hold” and an average target price of $28.13.
Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.
Further Reading: Short Selling Stocks, A Beginner’s Guide
Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox Inc (NASDAQ:DBX).
Receive News & Ratings for Dropbox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dropbox and related companies with MarketBeat.com's FREE daily email newsletter.