Dropbox, Inc. $DBX Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its stake in Dropbox, Inc. (NASDAQ:DBX) by 124.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,512 shares of the company’s stock after purchasing an additional 28,004 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Dropbox were worth $1,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC increased its stake in shares of Dropbox by 7.3% during the first quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock worth $1,036,000 after buying an additional 2,655 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Dropbox during the 2nd quarter worth approximately $206,000. Optas LLC increased its position in shares of Dropbox by 117.0% in the 2nd quarter. Optas LLC now owns 19,516 shares of the company’s stock valued at $558,000 after purchasing an additional 10,521 shares during the last quarter. Callan Family Office LLC acquired a new stake in shares of Dropbox in the 2nd quarter valued at $552,000. Finally, IFP Advisors Inc lifted its position in shares of Dropbox by 92.5% during the 2nd quarter. IFP Advisors Inc now owns 8,330 shares of the company’s stock worth $245,000 after purchasing an additional 4,002 shares during the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DBX shares. Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Royal Bank Of Canada cut their target price on Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $31.33.

Insider Activity at Dropbox

In related news, CAO Sarah Elizabeth Schubach sold 1,168 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $26.84, for a total transaction of $31,349.12. Following the transaction, the chief accounting officer owned 92,702 shares of the company’s stock, valued at $2,488,121.68. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew Houston sold 164,502 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $25.66, for a total transaction of $4,221,121.32. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 568,556 shares of company stock worth $15,851,617 over the last three months. 29.95% of the stock is currently owned by corporate insiders.

Dropbox Stock Performance

Shares of DBX stock opened at $25.11 on Thursday. The business’s 50 day moving average is $27.53 and its two-hundred day moving average is $28.59. Dropbox, Inc. has a twelve month low of $24.41 and a twelve month high of $33.27. The company has a market capitalization of $6.50 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 2.05 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.10. The company had revenue of $634.40 million during the quarter, compared to the consensus estimate of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. Dropbox’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.