Convergence Investment Partners LLC Acquires 39,209 Shares of Dropbox, Inc. $DBX

Convergence Investment Partners LLC grew its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 73.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,775 shares of the company’s stock after purchasing an additional 39,209 shares during the quarter. Convergence Investment Partners LLC’s holdings in Dropbox were worth $2,108,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Arbejdsmarkedets Tillaegspension purchased a new position in Dropbox during the fourth quarter valued at approximately $22,050,000. Nisa Investment Advisors LLC lifted its holdings in Dropbox by 57.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 223,706 shares of the company’s stock worth $6,219,000 after buying an additional 82,053 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Dropbox by 22.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock valued at $70,015,000 after acquiring an additional 463,258 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in Dropbox by 3,963.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 312,892 shares of the company’s stock valued at $9,452,000 after acquiring an additional 305,192 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in Dropbox by 317.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 125,144 shares of the company’s stock valued at $3,479,000 after acquiring an additional 95,146 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on DBX shares. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Citigroup raised their price objective on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. William Blair reiterated an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $27.00.

Dropbox Price Performance

Shares of DBX stock opened at $30.53 on Tuesday. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $32.40. The stock’s fifty day moving average price is $27.63 and its 200 day moving average price is $25.97. The company has a market cap of $7.12 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 3.35 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last released its quarterly 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 company had revenue of $629.50 million during 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% compared to the same quarter last year. During the same period last year, the business posted $0.70 earnings per share. As a group, equities research analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, CEO Andrew Houston sold 37,498 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $25.96, for a total value of $973,448.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the transaction, the chief executive officer directly owned 1,080,746 shares of the company’s stock, valued at $30,109,583.56. The trade was a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 129,082 shares of company stock valued at $3,489,910. 35.48% of the stock is owned by company insiders.

About Dropbox

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.