Gallacher Capital Management LLC Purchases New Position in Dropbox, Inc. $DBX

Gallacher Capital Management LLC acquired a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 17,616 shares of the company’s stock, valued at approximately $400,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in shares of Dropbox by 7.3% during the first quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock worth $1,036,000 after buying an additional 2,655 shares in the last quarter. Cetera Investment Advisers grew its position in Dropbox by 10.8% during the 2nd quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock worth $704,000 after acquiring an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in 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 last quarter. Cresset Asset Management LLC increased its holdings in Dropbox by 75.8% in the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock worth $436,000 after purchasing an additional 6,569 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in Dropbox by 360.9% in the 2nd quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock worth $3,371,000 after purchasing an additional 92,280 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on DBX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. William Blair reaffirmed an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Citigroup raised their price objective 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, Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Dropbox has a consensus rating of “Reduce” and an average target price of $27.00.

Insider Activity at Dropbox

In other news, CEO Andrew Houston sold 37,498 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $25.96, for a total transaction of $973,448.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of Dropbox stock in a transaction that occurred 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 transaction, the chief technology officer directly owned 514,611 shares in the company, valued at approximately $14,182,679.16. This represents a 1.09% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 129,082 shares of company stock valued at $3,489,910 over the last ninety days. Insiders own 35.48% of the company’s stock.

Dropbox Stock Up 0.6%

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

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm had revenue of $629.50 million for the quarter, compared to the consensus estimate of $620.56 million. During the same period in the previous year, the business earned $0.70 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year. Research analysts expect that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Dropbox Company 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.