Dropbox, Inc. $DBX Shares Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC raised its stake in Dropbox, Inc. (NASDAQ:DBX) by 369.7% in the first quarter, HoldingsChannel reports. The fund owned 47,393 shares of the company’s stock after purchasing an additional 37,302 shares during the period. Sequoia Financial Advisors LLC’s holdings in Dropbox were worth $1,077,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Empowered Funds LLC grew its stake in Dropbox by 7.3% in the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after acquiring an additional 2,655 shares during the period. Cetera Investment Advisers increased its holdings in shares of Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock valued at $704,000 after purchasing an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Dropbox by 88.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock worth $48,000 after acquiring an additional 787 shares during the period. Cresset Asset Management LLC boosted its position in shares of Dropbox by 75.8% during the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock valued at $436,000 after acquiring an additional 6,569 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Dropbox by 360.9% in the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock valued at $3,371,000 after purchasing an additional 92,280 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DBX shares. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Citigroup lifted their target price on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Finally, William Blair reaffirmed an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $27.00.

Dropbox Price Performance

DBX stock opened at $30.62 on Friday. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40. The company has a market cap of $7.14 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 3.33 and a beta of 0.66. The company has a fifty day moving average price of $27.55 and a 200 day moving average price of $25.97.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. During the same period last year, the firm posted $0.70 EPS. Dropbox’s quarterly revenue was up .8% on a year-over-year basis. As a group, analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Dropbox

In other Dropbox news, CEO Ashraf Alkarmi sold 22,700 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total value of $632,422.00. Following the completion of the transaction, the chief executive officer directly owned 1,080,746 shares in the company, valued at approximately $30,109,583.56. The trade was a 2.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $29.00, for a total transaction of $58,000.00. Following the transaction, the director directly owned 24,366 shares of the company’s stock, valued at approximately $706,614. This represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 129,082 shares of company stock worth $3,489,910 in the last 90 days. Insiders own 35.48% of the company’s stock.

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.