Gallacher Capital Management LLC Acquires Shares of 17,616 Dropbox, Inc. $DBX

Gallacher Capital Management LLC acquired a new position in shares of Dropbox, Inc. (NASDAQ:DBX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 17,616 shares of the company’s stock, valued at approximately $400,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Arbejdsmarkedets Tillaegspension bought a new position in Dropbox during the fourth quarter worth about $22,050,000. Nisa Investment Advisors LLC raised its stake in Dropbox by 57.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 223,706 shares of the company’s stock worth $6,219,000 after purchasing an additional 82,053 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Dropbox by 22.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock valued at $70,015,000 after purchasing an additional 463,258 shares during the period. Tudor Investment Corp ET AL boosted its holdings in Dropbox by 3,963.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 312,892 shares of the company’s stock valued at $9,452,000 after purchasing an additional 305,192 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in shares of Dropbox by 317.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 125,144 shares of the company’s stock worth $3,479,000 after purchasing an additional 95,146 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

DBX has been the topic of several recent research reports. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. William Blair reissued an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. Citigroup raised their price objective on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Dropbox presently has an average rating of “Reduce” and a consensus target price of $27.00.

Dropbox Stock Up 0.6%

Shares of Dropbox stock opened at $30.62 on Friday. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 3.33 and a beta of 0.66. The firm’s 50-day moving average price is $27.55 and its two-hundred day moving average price is $25.97.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The company had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same period in the previous year, the company earned $0.70 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. On average, sell-side analysts expect that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Dropbox news, insider William T. Yoon sold 7,230 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $199,331.10. Following the sale, the insider owned 366,963 shares of the company’s stock, valued at approximately $10,117,169.91. This trade represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Ali Dasdan sold 5,666 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.56, for a total value of $156,154.96. Following the completion of the sale, the chief technology officer directly owned 514,611 shares in the company, valued at approximately $14,182,679.16. This represents a 1.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 129,082 shares of company stock valued at $3,489,910 over the last three months. 35.48% of the stock is owned by corporate insiders.

Dropbox 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.