Wedge Capital Management L L P NC Has $3.08 Million Holdings in Dropbox, Inc. (NASDAQ:DBX)

Wedge Capital Management L L P NC raised its position in Dropbox, Inc. (NASDAQ:DBX) by 9.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 136,985 shares of the company’s stock after purchasing an additional 11,397 shares during the period. Wedge Capital Management L L P NC’s holdings in Dropbox were worth $3,078,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of DBX. Cerity Partners LLC lifted its stake in shares of Dropbox by 0.7% in the 4th quarter. Cerity Partners LLC now owns 79,052 shares of the company’s stock valued at $2,330,000 after purchasing an additional 565 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of Dropbox during the 4th quarter worth approximately $2,123,000. Federated Hermes Inc. boosted its holdings in shares of Dropbox by 17.6% during the 4th quarter. Federated Hermes Inc. now owns 141,664 shares of the company’s stock worth $4,176,000 after buying an additional 21,193 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Dropbox in the 4th quarter valued at $275,000. Finally, Handelsbanken Fonder AB lifted its position in shares of Dropbox by 11.7% during the 4th quarter. Handelsbanken Fonder AB now owns 43,900 shares of the company’s stock valued at $1,294,000 after acquiring an additional 4,600 shares during the period. 94.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. UBS Group decreased their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Citigroup decreased their price objective on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $29.14.

Insider Buying and Selling

In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $23.12, for a total value of $69,360.00. Following the completion of the transaction, the chief financial officer now owns 554,122 shares in the company, valued at $12,811,300.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $23.12, for a total value of $69,360.00. Following the completion of the transaction, the chief financial officer now directly owns 554,122 shares of the company’s stock, valued at $12,811,300.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $22.40, for a total value of $1,836,800.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $185,173,318.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 208,536 shares of company stock valued at $4,672,611. 26.40% of the stock is owned by insiders.

Dropbox Stock Performance

NASDAQ:DBX traded up $0.34 during trading on Thursday, reaching $22.80. The company’s stock had a trading volume of 2,743,909 shares, compared to its average volume of 4,020,933. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 1.61 and a beta of 0.65. The firm has a 50 day moving average of $22.35 and a 200-day moving average of $24.04.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The business had revenue of $634.50 million for the quarter, compared to analyst estimates of $630.10 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts forecast that Dropbox, Inc. will post 1.26 earnings per share for the current fiscal year.

Dropbox Profile

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.