Smith Group Asset Management LLC Invests $1.19 Million in Dropbox, Inc. (NASDAQ:DBX)

Smith Group Asset Management LLC purchased a new stake in Dropbox, Inc. (NASDAQ:DBX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 46,750 shares of the company’s stock, valued at approximately $1,189,000.

A number of other institutional investors have also recently added to or reduced their stakes in DBX. Vanguard Group Inc. lifted its position in Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after buying an additional 105,250 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Dropbox during the 1st quarter worth approximately $4,900,000. Lakewood Asset Management LLC purchased a new position in shares of Dropbox during the 2nd quarter worth approximately $797,000. Janus Henderson Group PLC increased its holdings in Dropbox by 16.4% in the 1st quarter. Janus Henderson Group PLC now owns 1,619,231 shares of the company’s stock valued at $39,340,000 after purchasing an additional 228,316 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Dropbox by 32.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,260 shares of the company’s stock valued at $3,749,000 after purchasing an additional 38,131 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, UBS Group cut their price objective on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Dropbox presently has an average rating of “Hold” and an average price target of $28.67.

Dropbox Trading Down 3.3 %

Shares of NASDAQ DBX opened at $25.15 on Tuesday. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43. The stock has a market cap of $8.30 billion, a P/E ratio of 16.66, a PEG ratio of 1.61 and a beta of 0.61. The business’s fifty day simple moving average is $24.94 and its 200-day simple moving average is $23.52.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The business had revenue of $634.50 million during the quarter, compared to analysts’ expectations of $630.10 million. During the same quarter last year, the business posted $0.28 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities analysts forecast that Dropbox, Inc. will post 1.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the sale, the chief financial officer now directly owns 485,724 shares in the company, valued at approximately $11,827,379.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Andrew Houston sold 351,306 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $25.12, for a total transaction of $8,824,806.72. Following the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $207,658,649.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the transaction, the chief financial officer now directly owns 485,724 shares of the company’s stock, valued at $11,827,379.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,452 shares of company stock worth $11,480,062 over the last 90 days. 26.40% of the stock is owned by insiders.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.