Acadian Asset Management LLC Has $79.66 Million Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Acadian Asset Management LLC lifted its stake in Dropbox, Inc. (NASDAQ:DBX) by 18.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,279,401 shares of the company’s stock after purchasing an additional 517,052 shares during the quarter. Acadian Asset Management LLC owned 0.95% of Dropbox worth $79,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Dropbox by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after purchasing an additional 105,250 shares during the period. Intech Investment Management LLC lifted its stake in Dropbox by 51.0% in the 1st quarter. Intech Investment Management LLC now owns 78,177 shares of the company’s stock worth $1,900,000 after acquiring an additional 26,417 shares in the last quarter. Blair William & Co. IL purchased a new stake in Dropbox in the 1st quarter worth about $596,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Dropbox by 32.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,260 shares of the company’s stock worth $3,749,000 after acquiring an additional 38,131 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its stake in Dropbox by 3.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 245,177 shares of the company’s stock worth $5,958,000 after acquiring an additional 8,672 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Citigroup reduced their price objective on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $29.56.

Dropbox Stock Down 0.5 %

Shares of DBX traded down $0.11 during midday trading on Friday, reaching $23.12. 3,384,408 shares of the stock were exchanged, compared to its average volume of 3,666,192. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43. The firm has a 50 day simple moving average of $22.41 and a 200-day simple moving average of $25.07. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 1.60 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.13. The company had revenue of $631.30 million during the quarter, compared to the consensus estimate of $628.81 million. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. Research analysts expect that Dropbox, Inc. will post 1.26 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Andrew Houston sold 82,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Dropbox news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total value of $1,922,080.00. Following the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $68,280.00. Following the completion of the sale, the chief financial officer now directly owns 535,122 shares in the company, valued at approximately $12,179,376.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293,536 shares of company stock valued at $6,665,491. Insiders own 26.40% of the company’s stock.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, 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. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.