Cubist Systematic Strategies LLC increased its holdings in shares of Dropbox Inc (NASDAQ:DBX) by 194.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 477,570 shares of the company’s stock after acquiring an additional 315,639 shares during the period. Cubist Systematic Strategies LLC owned about 0.10% of Dropbox worth $11,963,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DBX. Tortoise Index Solutions LLC bought a new position in Dropbox in the 1st quarter valued at $29,000. Meridian Wealth Management LLC acquired a new stake in Dropbox during the 2nd quarter worth $34,000. Glen Harbor Capital Management LLC raised its stake in Dropbox by 203.0% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock worth $40,000 after buying an additional 1,072 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Dropbox during the 2nd quarter worth $55,000. Finally, Tyers Asset Management LLC raised its stake in Dropbox by 203.0% during the 2nd quarter. Tyers Asset Management LLC now owns 2,200 shares of the company’s stock worth $55,000 after buying an additional 1,474 shares during the period. Institutional investors and hedge funds own 40.48% of the company’s stock.
In related news, insider Timothy Regan sold 4,125 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $25.60, for a total value of $105,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Ajay Vashee sold 13,750 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.02, for a total transaction of $289,025.00. Insiders have sold 93,742 shares of company stock worth $1,956,472 in the last quarter. Company insiders own 31.20% of the company’s stock.
Several analysts have issued reports on the company. Bank of America dropped coverage on Dropbox in a research note on Friday, August 9th. Canaccord Genuity dropped coverage on Dropbox in a research note on Friday, September 27th. TheStreet cut Dropbox from a “c-” rating to a “d+” rating in a report on Friday, August 9th. Sanford C. Bernstein started coverage on Dropbox in a report on Wednesday, August 7th. They issued an “underperform” rating and a $19.00 price objective for the company. Finally, Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $28.33.
Shares of NASDAQ DBX remained flat at $$19.47 during midday trading on Friday. 2,423,525 shares of the company’s stock were exchanged, compared to its average volume of 3,747,444. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.99. Dropbox Inc has a 12-month low of $17.20 and a 12-month high of $27.15. The stock has a market capitalization of $8.05 billion, a PE ratio of -14.86 and a beta of 1.57. The company’s 50 day moving average price is $19.03 and its 200-day moving average price is $22.12.
Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.15. The business had revenue of $401.50 million for the quarter, compared to analysts’ expectations of $401.09 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.11 earnings per share. Analysts forecast that Dropbox Inc will post -0.12 EPS for the current fiscal year.
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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