BlackRock Inc. raised its stake in Dropbox Inc (NASDAQ:DBX) by 7.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,521,764 shares of the company’s stock after purchasing an additional 910,593 shares during the quarter. BlackRock Inc. owned 3.29% of Dropbox worth $294,775,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in DBX. Pearl River Capital LLC purchased a new stake in Dropbox during the fourth quarter valued at about $35,000. Ellevest Inc. acquired a new position in shares of Dropbox during the first quarter worth about $40,000. Advisory Services Network LLC lifted its stake in shares of Dropbox by 272.7% during the fourth quarter. Advisory Services Network LLC now owns 2,050 shares of the company’s stock worth $42,000 after purchasing an additional 1,500 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new position in shares of Dropbox during the fourth quarter worth about $57,000. Finally, Evolution Wealth Advisors LLC lifted its stake in shares of Dropbox by 2,087.0% during the first quarter. Evolution Wealth Advisors LLC now owns 4,374 shares of the company’s stock worth $95,000 after purchasing an additional 4,174 shares in the last quarter. Institutional investors own 28.71% of the company’s stock.
NASDAQ:DBX opened at $25.05 on Friday. The company has a market capitalization of $11.71 billion, a price-to-earnings ratio of -19.12 and a beta of 1.32. The company’s 50 day moving average is $23.31. Dropbox Inc has a 52 week low of $18.50 and a 52 week high of $34.95. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.16 and a quick ratio of 1.16.
Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.05. The business had revenue of $385.60 million during the quarter, compared to analyst estimates of $381.58 million. Dropbox had a negative return on equity of 3.50% and a negative net margin of 1.85%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 EPS. On average, sell-side analysts forecast that Dropbox Inc will post -0.12 EPS for the current fiscal year.
Separately, Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a research note on Thursday, March 14th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Dropbox has an average rating of “Buy” and a consensus target price of $31.71.
In other news, insider Yamini Rangan sold 4,129 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $23.95, for a total value of $98,889.55. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Quentin Clark sold 16,666 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold 111,959 shares of company stock valued at $2,628,791 over the last 90 days. 31.20% of the stock is currently 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.
See Also: Straddles
Receive News & Ratings for Dropbox Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Dropbox and related companies with MarketBeat.com’s FREE daily email newsletter.