Dropbox Inc (NASDAQ:DBX) Position Lifted by First Trust Advisors LP

First Trust Advisors LP raised its stake in shares of Dropbox Inc (NASDAQ:DBX) by 63.1% during the second quarter, HoldingsChannel reports. The fund owned 6,551,431 shares of the company’s stock after acquiring an additional 2,535,197 shares during the quarter. First Trust Advisors LP’s holdings in Dropbox were worth $164,113,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Deltec Asset Management LLC bought a new position in shares of Dropbox in the 1st quarter worth about $1,373,000. Norges Bank bought a new position in shares of Dropbox in the 4th quarter worth about $20,495,000. Exane Derivatives lifted its position in shares of Dropbox by 38.1% in the 1st quarter. Exane Derivatives now owns 8,424 shares of the company’s stock worth $184,000 after buying an additional 2,324 shares during the last quarter. Spark Investment Management LLC lifted its position in shares of Dropbox by 14.3% in the 1st quarter. Spark Investment Management LLC now owns 1,512,400 shares of the company’s stock worth $32,970,000 after buying an additional 189,000 shares during the last quarter. Finally, DNB Asset Management AS bought a new position in shares of Dropbox in the 2nd quarter worth about $427,000. Hedge funds and other institutional investors own 28.91% of the company’s stock.

DBX has been the topic of a number of recent research reports. TheStreet upgraded shares of Dropbox from a “d+” rating to a “c-” rating in a research report on Friday, July 5th. Sanford C. Bernstein initiated coverage on shares of Dropbox in a research report on Wednesday. They issued an “underperform” rating and a $19.00 price target on the stock. Nomura reduced their price target on shares of Dropbox from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Zacks Investment Research upgraded shares of Dropbox from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $30.13.

DBX stock opened at $18.71 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.16 and a current ratio of 1.16. Dropbox Inc has a fifty-two week low of $18.40 and a fifty-two week high of $32.25. The business has a 50-day moving average price of $24.39. The firm has a market cap of $9.74 billion, a PE ratio of -14.28 and a beta of 1.39.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.15. Dropbox had a negative net margin of 1.85% and a negative return on equity of 3.50%. The business had revenue of $401.50 million for the quarter, compared to analysts’ expectations of $401.09 million. During the same quarter last year, the company earned $0.11 EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, analysts expect that Dropbox Inc will post -0.12 earnings per share for the current fiscal year.

In related news, insider Quentin Clark sold 16,674 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $24.56, for a total value of $409,513.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Ajay Vashee sold 13,731 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $22.62, for a total transaction of $310,595.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,092 shares of company stock worth $2,707,227. Corporate insiders own 31.20% of the company’s stock.

Dropbox 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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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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