Smith Group Asset Management LLC Makes New Investment in Dropbox, Inc. (NASDAQ:DBX)

Smith Group Asset Management LLC bought a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 46,750 shares of the company's stock, valued at approximately $1,189,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in 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 last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Dropbox in the first quarter valued at about $4,900,000. Lakewood Asset Management LLC purchased a new position in shares of Dropbox in the second quarter worth about $797,000. Janus Henderson Group PLC boosted its position in Dropbox by 16.4% during the first quarter. Janus Henderson Group PLC now owns 1,619,231 shares of the company's stock worth $39,340,000 after acquiring an additional 228,316 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Dropbox by 32.8% during the first 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 during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Dropbox Trading Up 2.7 %

Dropbox stock traded up $0.67 during midday trading on Tuesday, hitting $25.82. 2,943,066 shares of the stock were exchanged, compared to its average volume of 3,713,523. The stock's 50-day simple moving average is $24.97 and its 200 day simple moving average is $23.53. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43. The stock has a market capitalization of $8.53 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 1.61 and a beta of 0.61.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.08. Dropbox had a net margin of 23.06% and a negative return on equity of 161.78%. The business had revenue of $634.50 million during the quarter, compared to the consensus estimate of $630.10 million. During the same quarter last year, the firm earned $0.28 EPS. The business's revenue was up 1.9% compared to the same quarter last year. Equities analysts anticipate that Dropbox, Inc. will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, UBS Group cut their price objective on shares of Dropbox from $30.00 to $28.00 and set a "buy" rating for the company in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $28.67.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the transaction, the chief financial officer now owns 485,724 shares of the company's stock, valued at $11,827,379.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Andrew Houston sold 3,493 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total value of $87,325.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $206,666,650. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of the 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 transaction, the chief financial officer now directly owns 485,724 shares in the company, valued at approximately $11,827,379.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 457,452 shares of company stock valued at $11,480,062 in the last quarter. Insiders own 26.40% of the company's stock.

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.