Connecticut Wealth Management LLC acquired a new stake in shares of Dropbox Inc (NASDAQ:DBX) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,671 shares of the company’s stock, valued at approximately $292,000.
Other large investors have also recently modified their holdings of the company. TrinityPoint Wealth LLC lifted its position in Dropbox by 2.7% during the first quarter. TrinityPoint Wealth LLC now owns 17,375 shares of the company’s stock valued at $379,000 after purchasing an additional 450 shares during the period. Tortoise Index Solutions LLC purchased a new position in shares of Dropbox in the 1st quarter worth $29,000. Meridian Wealth Management LLC purchased a new position in shares of Dropbox in the 2nd quarter worth $34,000. Advisory Services Network LLC grew its stake in shares of Dropbox by 272.7% in the 4th quarter. Advisory Services Network LLC now owns 2,050 shares of the company’s stock worth $42,000 after buying an additional 1,500 shares in the last quarter. Finally, Stephens Inc. AR grew its stake in shares of Dropbox by 11.1% in the 1st quarter. Stephens Inc. AR now owns 16,075 shares of the company’s stock worth $350,000 after buying an additional 1,600 shares in the last quarter. 30.17% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:DBX opened at $17.90 on Friday. The business has a fifty day moving average of $21.37 and a 200-day moving average of $22.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.18 and a current ratio of 1.18. Dropbox Inc has a 1 year low of $17.20 and a 1 year high of $27.39. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of -13.66 and a beta of 1.39.
Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.15. The company had revenue of $401.50 million during the quarter, compared to analysts’ expectations of $401.09 million. Dropbox had a negative return on equity of 6.57% and a negative net margin of 2.91%. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same period last year, the firm earned $0.11 EPS. On average, equities research analysts predict that Dropbox Inc will post -0.11 EPS for the current year.
In other news, CFO Ajay Vashee sold 13,731 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $25.00, for a total value of $343,275.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Condoleezza Rice sold 23,943 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $18.38, for a total value of $440,072.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,390 shares of company stock worth $2,056,851. Corporate insiders own 31.20% of the company’s stock.
A number of research analysts have recently issued reports on DBX shares. Bank of America dropped coverage on shares of Dropbox in a research report on Friday, August 9th. William Blair dropped coverage on shares of Dropbox in a research note on Friday, August 9th. Royal Bank of Canada dropped coverage on shares of Dropbox in a research note on Friday, August 9th. Zacks Investment Research lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, TheStreet cut shares of Dropbox from a “c-” rating to a “d+” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Dropbox has a consensus rating of “Hold” and a consensus target price of $28.13.
Dropbox Company Profile
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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