Dropbox (NASDAQ:DBX) Shares Gap Up – Still a Buy?

Dropbox, Inc. (NASDAQ:DBX) shares gapped up before the market opened on Wednesday . The stock had previously closed at $28.55, but opened at $29.81. Dropbox shares last traded at $29.35, with a volume of 229,723 shares changing hands.

Dropbox Trading Up 4.3 %

The company has a market cap of $9.22 billion, a P/E ratio of 16.50, a P/E/G ratio of 1.63 and a beta of 0.63. The company has a 50-day simple moving average of $26.93 and a 200 day simple moving average of $24.44.

Insider Buying and Selling

In related news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the sale, the chief financial officer now directly owns 485,724 shares in the company, valued at $11,827,379.40. The trade was a 0.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Andrew Houston sold 132,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $28.12, for a total transaction of $3,711,840.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $232,458,647.92. This trade represents a 1.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 596,782 shares of company stock valued at $15,385,637 in the last 90 days. Company insiders own 26.40% of the company’s stock.

Hedge Funds Weigh In On Dropbox

A number of hedge funds and other institutional investors have recently modified their holdings of DBX. DGS Capital Management LLC raised its position in shares of Dropbox by 22.5% in the 3rd quarter. DGS Capital Management LLC now owns 13,767 shares of the company’s stock worth $350,000 after acquiring an additional 2,532 shares in the last quarter. Retirement Systems of Alabama raised its holdings in Dropbox by 15.2% in the third quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock worth $24,007,000 after purchasing an additional 124,528 shares in the last quarter. American Trust bought a new position in Dropbox in the third quarter worth about $271,000. Sanctuary Advisors LLC purchased a new stake in shares of Dropbox during the third quarter valued at about $268,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Dropbox by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock valued at $111,368,000 after buying an additional 25,893 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

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.