First Trust Advisors LP grew its stake in shares of Dropbox Inc (NASDAQ:DBX) by 8.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,124,424 shares of the company’s stock after buying an additional 572,993 shares during the quarter. First Trust Advisors LP owned 1.72% of Dropbox worth $143,700,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of DBX. Whittier Trust Co. purchased a new stake in shares of Dropbox during the 3rd quarter valued at $27,000. Meridian Wealth Management LLC bought a new position in shares of Dropbox during the second quarter worth $34,000. Glen Harbor Capital Management LLC boosted its position in shares of Dropbox by 203.0% during the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock worth $40,000 after acquiring an additional 1,072 shares during the last quarter. CSat Investment Advisory L.P. bought a new position in shares of Dropbox during the second quarter worth $45,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Dropbox during the second quarter valued at $55,000. Hedge funds and other institutional investors own 39.78% of the company’s stock.
DBX stock traded down $1.16 during trading on Friday, hitting $19.80. The company had a trading volume of 9,566,498 shares, compared to its average volume of 3,590,472. The firm has a market capitalization of $8.63 billion, a P/E ratio of -15.11 and a beta of 1.56. Dropbox Inc has a 52-week low of $17.20 and a 52-week high of $27.15. The company has a 50 day simple moving average of $19.75 and a 200-day simple moving average of $21.72. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.99.
Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.13 EPS 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 the consensus estimate of $423.48 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 EPS. Sell-side analysts forecast that Dropbox Inc will post -0.12 earnings per share for the current year.
In other Dropbox news, Director Condoleezza Rice sold 23,943 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $18.38, for a total transaction of $440,072.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Quentin Clark sold 8,333 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $20.06, for a total transaction of $167,159.98. Insiders sold a total of 84,276 shares of company stock worth $1,666,898 in the last ninety days. 31.20% of the stock is currently owned by insiders.
A number of research firms recently issued reports on DBX. William Blair dropped coverage on shares of Dropbox in a research note on Friday, August 9th. TheStreet downgraded shares of Dropbox from a “c-” rating to a “d+” rating in a research note on Friday, August 9th. Nomura increased their target price on shares of Dropbox from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada dropped coverage on shares of Dropbox in a research note on Thursday, September 26th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $28.00 target price (down previously from $32.00) on shares of Dropbox in a research note on Friday. One analyst has rated the stock with a sell rating and eleven have given a buy rating to the company. Dropbox presently has a consensus rating of “Buy” and a consensus target price 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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