Raymond James & Associates raised its position in shares of Dropbox Inc (NASDAQ:DBX) by 289.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,873 shares of the company’s stock after purchasing an additional 24,423 shares during the quarter. Raymond James & Associates’ holdings in Dropbox were worth $1,066,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of DBX. Trustcore Financial Services LLC lifted its holdings in shares of Dropbox by 702.0% in the 2nd quarter. Trustcore Financial Services LLC now owns 4,010 shares of the company’s stock valued at $130,000 after buying an additional 3,510 shares during the period. Castle Rock Wealth Management LLC lifted its holdings in shares of Dropbox by 55.1% in the 2nd quarter. Castle Rock Wealth Management LLC now owns 10,643 shares of the company’s stock valued at $345,000 after buying an additional 3,782 shares during the period. Legal & General Group Plc acquired a new position in shares of Dropbox in the 1st quarter valued at about $158,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Dropbox by 41.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,914 shares of the company’s stock valued at $581,000 after buying an additional 5,271 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Dropbox by 1.1% in the 2nd quarter. Victory Capital Management Inc. now owns 574,901 shares of the company’s stock valued at $18,638,000 after buying an additional 6,100 shares during the period. Institutional investors and hedge funds own 13.83% of the company’s stock.
In other Dropbox news, Director Robert J. Mylod, Jr. sold 31,667 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $26.18, for a total transaction of $829,042.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Quentin Clark sold 16,666 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $27.23, for a total value of $453,815.18. The disclosure for this sale can be found here. Insiders sold a total of 437,797 shares of company stock valued at $11,829,731 in the last ninety days.
NASDAQ DBX opened at $24.19 on Friday. Dropbox Inc has a twelve month low of $22.07 and a twelve month high of $43.50. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.39 and a quick ratio of 1.39.
Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 9th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The business had revenue of $339.20 million during the quarter, compared to analyst estimates of $330.90 million. The business’s revenue for the quarter was up 27.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. On average, equities analysts predict that Dropbox Inc will post 0.31 EPS for the current fiscal year.
Several equities analysts have recently issued reports on DBX shares. Jefferies Financial Group boosted their price objective on Dropbox to $37.00 and gave the company a “buy” rating in a report on Friday, August 10th. Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Nomura raised Dropbox from a “reduce” rating to a “neutral” rating and boosted their price objective for the company from $21.00 to $25.00 in a report on Tuesday, October 2nd. Monness Crespi & Hardt assumed coverage on Dropbox in a report on Monday, August 27th. They issued a “neutral” rating for the company. Finally, Royal Bank of Canada raised Dropbox from a “sector perform” rating to an “outperform” rating and set a $33.00 price target for the company in a report on Friday, August 10th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $34.57.
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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