Arrowstreet Capital Limited Partnership Boosts Stock Position in Dropbox, Inc. $DBX

Arrowstreet Capital Limited Partnership grew its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 11.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,573,627 shares of the company’s stock after acquiring an additional 767,119 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Dropbox were worth $210,547,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Rossby Financial LCC increased its holdings in shares of Dropbox by 128.5% in the third quarter. Rossby Financial LCC now owns 937 shares of the company’s stock worth $28,000 after purchasing an additional 527 shares during the period. Palisade Asset Management LLC bought a new position in shares of Dropbox in the third quarter worth $30,000. Kestra Advisory Services LLC bought a new position in shares of Dropbox in the fourth quarter worth $31,000. Larson Financial Group LLC increased its holdings in shares of Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock worth $32,000 after purchasing an additional 791 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after purchasing an additional 558 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 111,166 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $22.89, for a total value of $2,544,589.74. Following the transaction, the chief executive officer owned 8,266,666 shares of the company’s stock, valued at $189,223,984.74. This represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total value of $632,422.00. Following the transaction, the chief executive officer directly owned 1,080,746 shares in the company, valued at $30,109,583.56. This trade represents a 2.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 238,468 shares of company stock valued at $5,970,522 over the last quarter. Insiders own 35.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DBX. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Citigroup upped their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. William Blair reaffirmed an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. UBS Group decreased their price target on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $27.00.

Dropbox Price Performance

DBX opened at $27.09 on Monday. The stock has a market cap of $6.32 billion, a PE ratio of 14.80, a P/E/G ratio of 2.97 and a beta of 0.67. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $32.40. The business’s fifty day simple moving average is $25.58 and its 200 day simple moving average is $26.09.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.70 earnings per share. As a group, equities analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.