Globeflex Capital L P Makes New Investment in Dropbox, Inc. $DBX

Globeflex Capital L P bought a new position in Dropbox, Inc. (NASDAQ:DBX) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 18,859 shares of the company’s stock, valued at approximately $518,000.

Other hedge funds have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in shares of Dropbox by 8.3% in the 4th quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock valued at $160,000 after acquiring an additional 440 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Dropbox by 1.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company’s stock valued at $730,000 after purchasing an additional 466 shares during the period. Merit Financial Group LLC lifted its stake in shares of Dropbox by 4.4% in the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock valued at $344,000 after purchasing an additional 480 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after purchasing an additional 558 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Dropbox by 0.4% in the 3rd quarter. Captrust Financial Advisors now owns 133,608 shares of the company’s stock worth $4,036,000 after purchasing an additional 563 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Trading Down 0.3%

NASDAQ:DBX opened at $34.78 on Wednesday. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $36.30. The company has a market cap of $7.85 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 5.14 and a beta of 0.64. The stock has a fifty day simple moving average of $30.71 and a 200-day simple moving average of $27.18.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The firm had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.71 earnings per share. As a group, equities research analysts predict that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DBX. Bank of America restated an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Citigroup lifted their price target on shares of Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $28.25.

Insider Buying and Selling

In other Dropbox news, Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $33.00, for a total value of $66,000.00. Following the transaction, the director directly owned 22,366 shares in the company, valued at $738,078. This represents a 8.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 11,332 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total transaction of $386,761.16. Following the transaction, the chief technology officer directly owned 471,052 shares in the company, valued at approximately $16,077,004.76. This trade represents a 2.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 61,041 shares of company stock worth $1,896,492 over the last 90 days. Corporate insiders own 35.48% of the company’s stock.

Dropbox Company 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.