BlackRock Inc. increased its stake in shares of Dropbox Inc (NASDAQ:DBX) by 35.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,369,211 shares of the company’s stock after purchasing an additional 4,847,447 shares during the quarter. BlackRock Inc. owned about 4.44% of Dropbox worth $460,147,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in DBX. Meridian Wealth Management LLC bought a new stake in shares of Dropbox during the second quarter valued at approximately $34,000. Glen Harbor Capital Management LLC boosted its stake in Dropbox by 203.0% in the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after acquiring an additional 1,072 shares during the last quarter. CSat Investment Advisory L.P. bought a new position in Dropbox in the second quarter valued at approximately $45,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Dropbox in the second quarter valued at approximately $55,000. Finally, Tyers Asset Management LLC boosted its stake in Dropbox by 203.0% in the second quarter. Tyers Asset Management LLC now owns 2,200 shares of the company’s stock valued at $55,000 after acquiring an additional 1,474 shares during the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.
In related news, CTO Quentin Clark sold 8,333 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $19.01, for a total transaction of $158,410.33. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $19.46, for a total transaction of $58,380.00. Over the last quarter, insiders sold 98,166 shares of company stock worth $2,002,171. Company insiders own 31.20% of the company’s stock.
DBX traded up $0.06 during mid-day trading on Wednesday, hitting $18.26. The stock had a trading volume of 5,077,742 shares, compared to its average volume of 3,638,466. The stock’s fifty day simple moving average is $19.31 and its 200-day simple moving average is $21.13. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of -13.94 and a beta of 1.50. Dropbox Inc has a 1-year low of $17.20 and a 1-year high of $26.49.
Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, November 7th. The company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.17. The company had revenue of $428.20 million for the quarter, compared to analyst estimates of $423.48 million. Dropbox had a negative net margin of 3.49% and a negative return on equity of 6.82%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $0.11 earnings per share. As a group, research analysts expect that Dropbox Inc will post -0.08 earnings per share for the current fiscal year.
A number of brokerages have issued reports on DBX. Nomura raised their price objective on shares of Dropbox from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Canaccord Genuity dropped coverage on shares of Dropbox in a research note on Friday, September 27th. Instinet raised shares of Dropbox from a “neutral” rating to a “buy” rating and raised their price objective for the company from $18.92 to $25.00 in a research note on Tuesday, October 22nd. Sanford C. Bernstein began coverage on shares of Dropbox in a research note on Wednesday, August 7th. They issued an “underperform” rating and a $19.00 price objective on the stock. Finally, TheStreet cut shares of Dropbox from a “c-” rating to a “d+” rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $28.10.
Dropbox Company Profile
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.
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