Prudential Financial Inc. Raises Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Prudential Financial Inc. raised its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 53.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,984 shares of the company's stock after acquiring an additional 35,036 shares during the quarter. Prudential Financial Inc.'s holdings in Dropbox were worth $3,004,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in DBX. Allworth Financial LP boosted its position in Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company's stock valued at $45,000 after purchasing an additional 365 shares during the period. Heron Bay Capital Management raised its holdings in Dropbox by 2.3% during the fourth quarter. Heron Bay Capital Management now owns 16,769 shares of the company's stock worth $504,000 after purchasing an additional 378 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares in the last quarter. Quarry LP lifted its holdings in shares of Dropbox by 23.4% during the third quarter. Quarry LP now owns 2,424 shares of the company's stock valued at $62,000 after purchasing an additional 459 shares during the last quarter. Finally, Aaron Wealth Advisors LLC raised its holdings in shares of Dropbox by 4.8% during the fourth quarter. Aaron Wealth Advisors LLC now owns 10,151 shares of the company's stock valued at $305,000 after acquiring an additional 461 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

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Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group increased their target price on shares of Dropbox from $27.00 to $30.00 and gave the stock a "hold" rating in a research report on Monday, January 6th.

Insider Buying and Selling

In other news, insider Eric Cox sold 3,765 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the transaction, the insider now directly owns 309,550 shares in the company, valued at approximately $8,141,165. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the firm's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $30.37, for a total transaction of $75,925.00. Following the sale, the chief financial officer now owns 401,264 shares in the company, valued at approximately $12,186,387.68. This trade represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 124,181 shares of company stock worth $3,794,928 in the last 90 days. Insiders own 28.59% of the company's stock.

Dropbox Stock Down 5.1 %

NASDAQ DBX traded down $1.38 during trading on Friday, reaching $25.45. 5,351,199 shares of the stock traded hands, compared to its average volume of 3,569,556. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.33. The stock's 50-day moving average price is $28.71 and its 200 day moving average price is $28.11. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.11). The company had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. Analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Dropbox Company 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.