Russell Investments Group Ltd. Increases Stock Position in Dropbox, Inc. $DBX

Russell Investments Group Ltd. raised its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 1.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 2,148,859 shares of the company’s stock after purchasing an additional 25,757 shares during the period. Russell Investments Group Ltd.’s holdings in Dropbox were worth $65,142,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. LSV Asset Management boosted its holdings in shares of Dropbox by 38.1% in the 3rd quarter. LSV Asset Management now owns 11,613,642 shares of the company’s stock worth $350,848,000 after purchasing an additional 3,205,140 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Dropbox by 117.3% during the 3rd quarter. Intech Investment Management LLC now owns 407,958 shares of the company’s stock valued at $12,324,000 after buying an additional 220,176 shares in the last quarter. Kestra Investment Management LLC purchased a new position in shares of Dropbox during the 2nd quarter valued at about $682,000. CenterBook Partners LP bought a new stake in Dropbox in the 2nd quarter worth approximately $2,368,000. Finally, Norges Bank bought a new stake in Dropbox in the 2nd quarter worth approximately $51,307,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on DBX shares. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Royal Bank Of Canada cut their price objective on shares of Dropbox from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. UBS Group reduced their target price on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a report on Friday, February 20th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Dropbox has an average rating of “Hold” and a consensus target price of $27.50.

Dropbox Price Performance

Shares of DBX stock opened at $26.40 on Wednesday. The business has a 50-day moving average of $25.84 and a 200 day moving average of $28.19. Dropbox, Inc. has a 1-year low of $23.63 and a 1-year high of $32.40. The stock has a market capitalization of $6.37 billion, a PE ratio of 14.19, a P/E/G ratio of 1.89 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.The business had revenue of $636.20 million for the quarter, compared to analysts’ expectations of $627.83 million. During the same period in the previous year, the firm earned $0.73 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Activity

In related news, insider Ashraf Alkarmi sold 12,472 shares of Dropbox stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $324,272.00. Following the transaction, the insider directly owned 414,661 shares of the company’s stock, valued at $10,781,186. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Sarah Elizabeth Schubach sold 1,416 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $24.49, for a total transaction of $34,677.84. Following the sale, the chief accounting officer owned 86,319 shares of the company’s stock, valued at $2,113,952.31. This represents a 1.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 451,613 shares of company stock worth $11,737,127 over the last ninety days. Company insiders own 28.59% of the company’s stock.

Dropbox Company Profile

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.