Bogle Investment Management L P DE bought a new stake in shares of Dropbox Inc (NASDAQ:DBX) during the second quarter, Holdings Channel reports. The fund bought 21,420 shares of the company’s stock, valued at approximately $537,000.
Several other large investors have also made changes to their positions in the company. Tortoise Index Solutions LLC acquired a new stake in Dropbox in the 1st quarter worth about $29,000. Meridian Wealth Management LLC acquired a new position in shares of Dropbox during the second quarter valued at approximately $34,000. Glen Harbor Capital Management LLC raised its holdings in shares of Dropbox by 203.0% during the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after acquiring an additional 1,072 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Dropbox in the second quarter valued at approximately $55,000. Finally, Tyers Asset Management LLC lifted its position in shares of Dropbox by 203.0% in the second quarter. Tyers Asset Management LLC now owns 2,200 shares of the company’s stock valued at $55,000 after acquiring an additional 1,474 shares in the last quarter. Hedge funds and other institutional investors own 40.40% of the company’s stock.
In other news, insider Quentin Clark sold 16,666 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $25.01, for a total transaction of $416,816.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yamini Rangan sold 4,129 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $23.95, for a total transaction of $98,889.55. The disclosure for this sale can be found here. Insiders have sold 81,268 shares of company stock worth $1,856,167 in the last three months. 31.20% of the stock is currently owned by corporate insiders.
Several analysts recently commented on the company. Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. DA Davidson dropped coverage on Dropbox in a report on Friday, August 9th. William Blair dropped coverage on Dropbox in a report on Friday, August 9th. TheStreet cut shares of Dropbox from a “c-” rating to a “d+” rating in a research note on Friday, August 9th. Finally, Nomura dropped their target price on shares of Dropbox from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Dropbox presently has a consensus rating of “Hold” and an average target price of $28.13.
DBX opened at $20.07 on Wednesday. The company’s 50 day simple moving average is $19.91 and its two-hundred day simple moving average is $22.46. Dropbox Inc has a 1-year low of $17.20 and a 1-year high of $27.35. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.18 and a quick ratio of 1.18.
Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.15. Dropbox had a negative return on equity of 6.57% and a negative net margin of 2.91%. The firm had revenue of $401.50 million during the quarter, compared to analysts’ expectations of $401.09 million. During the same quarter last year, the firm earned $0.11 earnings per share. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. Equities research analysts anticipate that Dropbox Inc will post -0.11 EPS for the current year.
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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