D. E. Shaw & Co. Inc. increased its stake in Dropbox Inc (NASDAQ:DBX) by 151.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,367,491 shares of the company’s stock after purchasing an additional 2,026,973 shares during the period. D. E. Shaw & Co. Inc. owned 0.72% of Dropbox worth $84,355,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in DBX. Geode Capital Management LLC lifted its holdings in shares of Dropbox by 87.7% in the 4th quarter. Geode Capital Management LLC now owns 704,904 shares of the company’s stock worth $14,401,000 after purchasing an additional 329,323 shares during the last quarter. California Public Employees Retirement System raised its stake in Dropbox by 45.6% during the 1st quarter. California Public Employees Retirement System now owns 147,103 shares of the company’s stock valued at $3,207,000 after acquiring an additional 46,100 shares in the last quarter. Stephens Inc. AR raised its stake in Dropbox by 11.1% during the 1st quarter. Stephens Inc. AR now owns 16,075 shares of the company’s stock valued at $350,000 after acquiring an additional 1,600 shares in the last quarter. First Trust Advisors LP raised its stake in Dropbox by 2.7% during the 1st quarter. First Trust Advisors LP now owns 4,016,234 shares of the company’s stock valued at $87,554,000 after acquiring an additional 104,439 shares in the last quarter. Finally, Evolution Wealth Advisors LLC raised its stake in Dropbox by 2,087.0% during the 1st quarter. Evolution Wealth Advisors LLC now owns 4,374 shares of the company’s stock valued at $95,000 after acquiring an additional 4,174 shares in the last quarter. 40.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of DBX stock remained flat at $$21.03 during mid-day trading on Friday. The stock had a trading volume of 3,318,177 shares, compared to its average volume of 3,095,203. Dropbox Inc has a one year low of $17.20 and a one year high of $27.35. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of -16.05 and a beta of 1.53. The stock’s fifty day simple moving average is $19.22 and its 200-day simple moving average is $22.31. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.99.
Several analysts have weighed in on DBX shares. William Blair dropped coverage on Dropbox in a research note on Friday, August 9th. Nomura cut their target price on Dropbox from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Sanford C. Bernstein started coverage on Dropbox in a research note on Wednesday, August 7th. They set an “underperform” rating and a $19.00 target price on the stock. Bank of America dropped coverage on Dropbox in a research note on Friday, August 9th. Finally, DA Davidson dropped coverage on Dropbox in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $28.13.
In other news, insider Quentin Clark sold 16,666 shares of Dropbox stock in a transaction on Monday, June 24th. The stock was sold at an average price of $25.01, for a total transaction of $416,816.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Ajay Vashee sold 13,731 shares of Dropbox stock in a transaction on Monday, June 24th. The shares were sold at an average price of $25.00, for a total value of $343,275.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 84,472 shares of company stock worth $1,891,604. 31.20% of the stock is owned by insiders.
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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