Convergence Investment Partners LLC Purchases 10,271 Shares of Dropbox, Inc. $DBX

Convergence Investment Partners LLC boosted its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 25.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,072 shares of the company’s stock after purchasing an additional 10,271 shares during the period. Convergence Investment Partners LLC’s holdings in Dropbox were worth $1,461,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its position in shares of Dropbox by 17.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 128,398 shares of the company’s stock worth $3,672,000 after purchasing an additional 18,849 shares during the period. Resonant Capital Advisors LLC lifted its position in shares of Dropbox by 9.2% in the 2nd quarter. Resonant Capital Advisors LLC now owns 12,824 shares of the company’s stock worth $367,000 after purchasing an additional 1,080 shares during the period. AlphaQuest LLC lifted its position in shares of Dropbox by 61.4% in the 2nd quarter. AlphaQuest LLC now owns 35,601 shares of the company’s stock worth $1,018,000 after purchasing an additional 13,550 shares during the period. Asset Management One Co. Ltd. purchased a new stake in shares of Dropbox in the 2nd quarter worth approximately $1,383,000. Finally, Ethic Inc. purchased a new stake in Dropbox during the second quarter valued at approximately $222,000. 94.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DBX. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research report on Friday. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, UBS Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $29.67.

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 1,500 shares of the stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $28.62, for a total value of $42,930.00. Following the sale, the chief financial officer owned 470,121 shares in the company, valued at $13,454,863.02. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Houston sold 101,167 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total transaction of $2,998,589.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,632 shares of company stock valued at $9,248,234. 28.59% of the stock is owned by corporate insiders.

Dropbox Trading Up 0.0%

NASDAQ DBX opened at $29.36 on Monday. The company has a fifty day simple moving average of $29.67 and a two-hundred day simple moving average of $28.62. The stock has a market cap of $7.92 billion, a P/E ratio of 17.90, a P/E/G ratio of 3.87 and a beta of 0.67. Dropbox, Inc. has a 12-month low of $24.42 and a 12-month high of $33.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $625.70 million during the quarter, compared to analysts’ expectations of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company posted $0.60 earnings per share. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

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.