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 companyâ€™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 companyâ€™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 companyâ€™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 companyâ€™s stock.
In related news, insider Timothy Regan sold 4,125 shares of the companyâ€™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 companyâ€™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 companyâ€™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 â€œc-â€ rating to a â€œd+â€ 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 â€œunderperformâ€ rating and a $19.00 price objective for the company. Finally, Zacks Investment Research cut Dropbox from a â€œbuyâ€ rating to a â€œholdâ€ 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 companyâ€™s stock. The stock currently has an average rating of â€œBuyâ€ 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 companyâ€™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 companyâ€™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 Zacksâ€™ consensus estimate of ($0.05) by $0.15. The business had revenue of $401.50 million for the quarter, compared to analystsâ€™ expectations of $401.09 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The businessâ€™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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