Russell Investments Group Ltd. Increases Stake in Dropbox, Inc. $DBX

Russell Investments Group Ltd. raised its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 1.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,148,859 shares of the company’s stock after purchasing an additional 25,757 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.80% of Dropbox worth $65,142,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rossby Financial LCC increased its stake in shares of Dropbox by 128.5% in the third quarter. Rossby Financial LCC now owns 937 shares of the company’s stock worth $28,000 after purchasing an additional 527 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Dropbox during the 3rd quarter valued at approximately $31,000. Neo Ivy Capital Management purchased a new stake in shares of Dropbox during the 2nd quarter valued at approximately $30,000. LRI Investments LLC boosted its holdings in Dropbox by 666.7% in the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock worth $35,000 after buying an additional 1,000 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after buying an additional 558 shares during the period. Institutional investors own 94.84% of the company’s stock.

Insider Activity

In related news, CTO Ali Dasdan sold 7,306 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $24.89, for a total transaction of $181,846.34. Following the completion of the transaction, the chief technology officer directly owned 499,379 shares in the company, valued at $12,429,543.31. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Houston sold 164,502 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $25.66, for a total value of $4,221,121.32. The SEC filing for this sale provides additional information. In the last three months, insiders sold 451,613 shares of company stock worth $11,737,127. Company insiders own 28.59% of the company’s stock.

Dropbox Trading Down 1.3%

DBX stock opened at $26.40 on Wednesday. The firm has a 50 day moving average of $25.84 and a 200-day moving average of $28.19. The firm has a market capitalization of $6.37 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 1.89 and a beta of 0.63. Dropbox, Inc. has a 12 month low of $23.63 and a 12 month high of $32.40.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. Dropbox had a net margin of 20.17% and a negative return on equity of 37.47%. The business had revenue of $636.20 million for the quarter, compared to analyst estimates of $627.83 million. During the same quarter in the prior year, the firm posted $0.73 EPS. Dropbox’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on DBX shares. Royal Bank Of Canada reduced their price objective on shares of Dropbox from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. cut their price target on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, January 21st. Finally, UBS Group dropped their price objective on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a report on Friday, February 20th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $27.50.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.