Cullinan Associates Inc. Buys New Position in Dropbox Inc (NASDAQ:DBX)

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Cullinan Associates Inc. bought a new stake in Dropbox Inc (NASDAQ:DBX) during the 4th quarter, Holdings Channel.com reports. The firm bought 21,150 shares of the company’s stock, valued at approximately $379,000.

A number of other hedge funds also recently made changes to their positions in the stock. Private Advisor Group LLC boosted its holdings in Dropbox by 4.7% in the second quarter. Private Advisor Group LLC now owns 12,644 shares of the company’s stock valued at $317,000 after acquiring an additional 565 shares during the last quarter. US Bancorp DE boosted its holdings in Dropbox by 10.4% in the second quarter. US Bancorp DE now owns 9,517 shares of the company’s stock valued at $238,000 after acquiring an additional 900 shares during the last quarter. Glen Harbor Capital Management LLC boosted its holdings in Dropbox by 203.0% in the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after acquiring an additional 1,072 shares during the last quarter. Whittier Trust Co. bought a new stake in Dropbox in the third quarter valued at approximately $27,000. Finally, CSat Investment Advisory L.P. bought a new stake in Dropbox in the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 42.53% of the company’s stock.

Shares of DBX opened at $18.31 on Thursday. Dropbox Inc has a 52-week low of $16.08 and a 52-week high of $26.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.20 and a current ratio of 1.20. The business’s 50 day moving average price is $17.90 and its two-hundred day moving average price is $19.97. The firm has a market cap of $7.48 billion, a PE ratio of -13.98 and a beta of 1.48.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.02. Dropbox had a negative return on equity of 6.82% and a negative net margin of 3.49%. The firm had revenue of $428.20 million for the quarter, compared to analyst estimates of $423.48 million. During the same period in the previous year, the firm earned $0.11 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. Research analysts predict that Dropbox Inc will post -0.08 EPS for the current fiscal year.

In other news, CAO Timothy Regan sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $18.87, for a total transaction of $56,610.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Houston bought 500,000 shares of the stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $19.14 per share, for a total transaction of $9,570,000.00. Following the completion of the transaction, the chief executive officer now directly owns 10,333,333 shares of the company’s stock, valued at $197,779,993.62. The disclosure for this purchase can be found here. Insiders have sold 50,166 shares of company stock worth $1,018,885 over the last ninety days. 31.20% of the stock is owned by insiders.

DBX has been the topic of several analyst reports. Instinet upgraded Dropbox from a “neutral” rating to a “buy” rating and upped their target price for the company from $18.92 to $25.00 in a report on Tuesday, October 22nd. Nomura upped their target price on Dropbox from $25.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 8th. William Blair reiterated a “buy” rating on shares of Dropbox in a report on Tuesday, November 26th. Zacks Investment Research lowered Dropbox from a “buy” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, Macquarie dropped coverage on Dropbox in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $27.20.

About Dropbox

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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Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox Inc (NASDAQ:DBX).

Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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