Gerber Kawasaki Wealth & Investment Management acquired a new position in shares of Dropbox Inc (NASDAQ:DBX) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 28,848 shares of the company’s stock, valued at approximately $628,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of DBX. FMR LLC boosted its holdings in shares of Dropbox by 22.7% during the 4th quarter. FMR LLC now owns 12,737,378 shares of the company’s stock worth $260,224,000 after buying an additional 2,357,568 shares during the period. BlackRock Inc. boosted its holdings in Dropbox by 22.7% in the 4th quarter. BlackRock Inc. now owns 12,611,171 shares of the company’s stock valued at $257,646,000 after purchasing an additional 2,332,796 shares during the period. Vanguard Group Inc. boosted its holdings in Dropbox by 51.9% in the 3rd quarter. Vanguard Group Inc. now owns 6,473,087 shares of the company’s stock valued at $173,673,000 after purchasing an additional 2,211,823 shares during the period. Deutsche Bank AG bought a new stake in Dropbox in the 4th quarter valued at $25,113,000. Finally, Norges Bank bought a new stake in Dropbox in the 4th quarter valued at $20,495,000. 32.48% of the stock is owned by institutional investors and hedge funds.
DBX has been the subject of a number of research reports. Zacks Investment Research downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a report on Thursday, March 14th. Jefferies Financial Group reduced their price target on shares of Dropbox to $32.00 in a report on Friday, February 22nd. Bank of America raised shares of Dropbox from a “neutral” rating to a “buy” rating and set a $33.00 price target for the company in a report on Friday, February 22nd. Finally, ValuEngine downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $31.71.
Shares of DBX stock traded up $1.46 during mid-day trading on Thursday, reaching $23.65. The company’s stock had a trading volume of 1,180,975 shares, compared to its average volume of 3,111,694. Dropbox Inc has a 1-year low of $18.50 and a 1-year high of $43.50. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of -18.05 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.45 and a current ratio of 1.16.
Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.05. Dropbox had a negative net margin of 1.85% and a negative return on equity of 3.50%. The company had revenue of $385.60 million during the quarter, compared to analysts’ expectations of $381.58 million. During the same quarter in the prior year, the company posted $0.08 EPS. The business’s revenue was up 21.9% on a year-over-year basis. On average, sell-side analysts predict that Dropbox Inc will post -0.16 earnings per share for the current year.
In related news, insider Yamini Rangan sold 5,633 shares of the stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $26.00, for a total transaction of $146,458.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ajay Vashee sold 13,731 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $21.60, for a total transaction of $296,589.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,980 shares of company stock valued at $1,778,925. Corporate insiders own 31.20% of the company’s stock.
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.
Further Reading: Gap Up Stocks
Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox Inc (NASDAQ:DBX).
Receive News & Ratings for Dropbox Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Dropbox and related companies with MarketBeat.com’s FREE daily email newsletter.