Jupiter Asset Management Ltd. Acquires Shares of 57,234 Dropbox, Inc. $DBX

Jupiter Asset Management Ltd. acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 57,234 shares of the company’s stock, valued at approximately $1,591,000.

A number of other large investors have also added to or reduced their stakes in DBX. Empowered Funds LLC raised its stake in Dropbox by 7.3% during the first quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after buying an additional 2,655 shares during the last quarter. Cetera Investment Advisers raised its stake in Dropbox by 10.8% during the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock valued at $704,000 after buying an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Dropbox by 88.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock valued at $48,000 after buying an additional 787 shares during the last quarter. Cresset Asset Management LLC raised its stake in Dropbox by 75.8% during the second quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock valued at $436,000 after buying an additional 6,569 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in Dropbox by 360.9% during the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock valued at $3,371,000 after buying an additional 92,280 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Trading Up 2.6%

Dropbox stock opened at $26.88 on Friday. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 2.94 and a beta of 0.64. The stock has a fifty day simple moving average of $24.73 and a two-hundred day simple moving average of $26.29. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $629.50 million during the quarter, compared to analyst estimates of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. On average, equities research analysts forecast that Dropbox, Inc. will post 2.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Ali Dasdan sold 5,666 shares of Dropbox stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.56, for a total value of $156,154.96. Following the completion of the sale, the chief technology officer owned 514,611 shares of the company’s stock, valued at $14,182,679.16. The trade was a 1.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Andrew William Moore sold 8,443 shares of Dropbox stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $232,773.51. Following the completion of the sale, the director directly owned 4,737 shares of the company’s stock, valued at $130,599.09. The trade was a 64.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 339,263 shares of company stock worth $8,428,641. 35.48% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on DBX. Royal Bank Of Canada lifted their price objective on Dropbox from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. Citigroup lifted their target price on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. JPMorgan Chase & Co. reduced their target price on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Finally, UBS Group reduced their target price on Dropbox from $27.00 to $23.00 and set a “sell” rating for the company 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 two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $27.00.

Dropbox Profile

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.