Formula Growth Ltd. increased its holdings in Dropbox Inc (NASDAQ:DBX) by 19.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 772,000 shares of the company’s stock after buying an additional 125,000 shares during the period. Dropbox comprises approximately 2.4% of Formula Growth Ltd.’s investment portfolio, making the stock its 12th biggest holding. Formula Growth Ltd.’s holdings in Dropbox were worth $16,830,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. TrinityPoint Wealth LLC raised its stake in Dropbox by 2.7% in the first quarter. TrinityPoint Wealth LLC now owns 17,375 shares of the company’s stock worth $379,000 after buying an additional 450 shares in the last quarter. Marathon Trading Investment Management LLC raised its stake in Dropbox by 6.4% in the fourth quarter. Marathon Trading Investment Management LLC now owns 12,020 shares of the company’s stock worth $246,000 after buying an additional 720 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in Dropbox by 9.8% in the first quarter. Parametric Portfolio Associates LLC now owns 13,602 shares of the company’s stock worth $297,000 after buying an additional 1,217 shares in the last quarter. Private Advisor Group LLC raised its stake in Dropbox by 11.3% in the fourth quarter. Private Advisor Group LLC now owns 12,214 shares of the company’s stock worth $250,000 after buying an additional 1,240 shares in the last quarter. Finally, Tortoise Index Solutions LLC bought a new position in Dropbox in the first quarter worth approximately $29,000. 28.71% of the stock is owned by institutional investors.
DBX has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Thursday, March 14th. Jefferies Financial Group reduced their price objective on shares of Dropbox to $32.00 in a research note on Friday, February 22nd. Finally, Bank of America raised shares of Dropbox from a “neutral” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Friday, February 22nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $31.71.
Shares of DBX stock opened at $23.46 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.16 and a quick ratio of 1.16. Dropbox Inc has a 12-month low of $18.50 and a 12-month high of $43.50.
Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.05. The business had revenue of $385.60 million for the quarter, compared to the consensus estimate of $381.58 million. Dropbox had a negative return on equity of 3.50% and a negative net margin of 1.85%. The business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. As a group, research analysts expect that Dropbox Inc will post -0.12 earnings per share for the current fiscal year.
In other news, Director Robert J. Mylod, Jr. sold 6,072 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $22.53, for a total transaction of $136,802.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Timothy Regan sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $22.34, for a total transaction of $44,680.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,830 shares of company stock worth $2,447,065. Insiders own 31.20% of the company’s stock.
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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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