Wedge Capital Management L L P NC Boosts Stock Holdings in Dropbox, Inc. $DBX

Wedge Capital Management L L P NC boosted its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 26.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,005,173 shares of the company’s stock after buying an additional 627,111 shares during the quarter. Dropbox makes up 1.4% of Wedge Capital Management L L P NC’s portfolio, making the stock its 7th largest position. Wedge Capital Management L L P NC owned 1.29% of Dropbox worth $82,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Palisade Asset Management LLC bought a new stake in shares of Dropbox during the third quarter valued at approximately $30,000. Kestra Advisory Services LLC bought a new stake in Dropbox during the 4th quarter valued at $31,000. Larson Financial Group LLC lifted its holdings in shares of Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock worth $32,000 after buying an additional 791 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after buying an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Dropbox during the 4th quarter worth $38,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DBX. William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Bank of America restated an “underperform” rating on shares of Dropbox in a report on Friday. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a research note on Friday, July 31st. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Dropbox has a consensus rating of “Reduce” and a consensus target price of $28.25.

Dropbox Stock Down 1.5%

Shares of DBX opened at $34.08 on Wednesday. The company has a 50 day moving average of $29.31 and a two-hundred day moving average of $26.59. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $35.72. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 18.93, a price-to-earnings-growth ratio of 4.73 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The firm had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, sell-side analysts expect that Dropbox, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Dropbox

In other Dropbox news, CEO Andrew Houston sold 30,332 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.50, for a total transaction of $834,130.00. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sarah Elizabeth Schubach sold 1,632 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $31.61, for a total transaction of $51,587.52. Following the transaction, the chief accounting officer owned 124,266 shares in the company, valued at $3,928,048.26. The trade was a 1.30% decrease in their position. 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. In the last three months, insiders have sold 130,945 shares of company stock valued at $3,565,129. Insiders own 35.48% of the company’s stock.

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.