Parallel Advisors LLC Has $205,000 Stake in Dropbox Inc (NASDAQ:DBX)

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Parallel Advisors LLC grew its stake in Dropbox Inc (NASDAQ:DBX) by 58.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 10,142 shares of the company’s stock after buying an additional 3,749 shares during the period. Parallel Advisors LLC’s holdings in Dropbox were worth $205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. acquired a new stake in Dropbox in the 3rd quarter worth $27,000. Meridian Wealth Management LLC acquired a new stake in Dropbox in the 2nd quarter worth $34,000. Glen Harbor Capital Management LLC grew its position in Dropbox by 203.0% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock worth $40,000 after purchasing an additional 1,072 shares during the last quarter. CSat Investment Advisory L.P. acquired a new stake in Dropbox in the 2nd quarter worth $45,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Dropbox during the 2nd quarter worth about $55,000. Institutional investors own 39.78% of the company’s stock.

In other news, CFO Ajay Vashee sold 13,750 shares of Dropbox stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.02, for a total transaction of $289,025.00. Also, Director Condoleezza Rice sold 23,943 shares of Dropbox stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $18.38, for a total transaction of $440,072.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,276 shares of company stock valued at $1,666,898. 31.20% of the stock is owned by corporate insiders.

Shares of NASDAQ:DBX traded down $1.16 during midday trading on Friday, reaching $19.80. 9,567,800 shares of the company’s stock were exchanged, compared to its average volume of 3,590,478. Dropbox Inc has a 12 month low of $17.20 and a 12 month high of $27.15. The company’s 50 day simple moving average is $19.73 and its two-hundred day simple moving average is $21.72. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $8.63 billion, a PE ratio of -15.11 and a beta of 1.56.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.17. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The company had revenue of $428.20 million during the quarter, compared to analysts’ expectations of $423.48 million. During the same quarter in the previous year, the company earned $0.11 EPS. Dropbox’s revenue was up 18.8% on a year-over-year basis. On average, research analysts anticipate that Dropbox Inc will post -0.12 earnings per share for the current year.

A number of equities analysts have recently commented on the stock. DA Davidson dropped coverage on shares of Dropbox in a report on Friday, August 9th. Canaccord Genuity dropped coverage on shares of Dropbox in a report on Friday, September 27th. Jefferies Financial Group reduced their price objective on shares of Dropbox from $32.00 to $28.00 and set a “buy” rating for the company in a report on Friday. Royal Bank of Canada dropped coverage on shares of Dropbox in a report on Thursday, September 26th. Finally, Nomura raised their price objective on shares of Dropbox from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company’s stock. Dropbox presently has a consensus rating of “Buy” and an average price target of $28.10.

Dropbox Profile

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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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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