Penserra Capital Management LLC Takes $706,000 Position in Dropbox, Inc. $DBX

Penserra Capital Management LLC purchased a new stake in Dropbox, Inc. (NASDAQ:DBX) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 23,376 shares of the company’s stock, valued at approximately $706,000.

A number of other hedge funds have also recently made changes to their positions in DBX. Y Intercept Hong Kong Ltd purchased a new position in Dropbox in the 2nd quarter valued at approximately $1,404,000. Kestra Investment Management LLC purchased a new stake in shares of Dropbox during the second quarter worth $682,000. CenterBook Partners LP acquired a new stake in shares of Dropbox in the second quarter valued at $2,368,000. Wedge Capital Management L L P NC boosted its holdings in Dropbox by 2.7% in the third quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock valued at $69,096,000 after purchasing an additional 59,625 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Dropbox by 10.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company’s stock worth $190,538,000 after purchasing an additional 605,258 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other Dropbox news, insider William T. Yoon sold 7,142 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total transaction of $208,474.98. Following the transaction, the insider directly owned 206,228 shares of the company’s stock, valued at approximately $6,019,795.32. This trade represents a 3.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $29.18, for a total transaction of $294,659.64. Following the sale, the insider owned 435,810 shares of the company’s stock, valued at $12,716,935.80. This trade represents a 2.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 568,556 shares of company stock worth $15,851,617. Insiders own 29.95% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. Royal Bank Of Canada dropped their price objective on Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Finally, Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.33.

Dropbox Stock Up 2.3%

Shares of NASDAQ DBX opened at $25.00 on Friday. The stock has a market cap of $6.47 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 2.04 and a beta of 0.63. Dropbox, Inc. has a 52-week low of $24.41 and a 52-week high of $33.27. The business has a 50-day moving average price of $27.33 and a 200 day moving average price of $28.55.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.64 by $0.10. Dropbox had a negative return on equity of 49.51% and a net margin of 19.87%.The company had revenue of $634.40 million for the quarter, compared to analyst estimates of $623.59 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. Sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

About Dropbox

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.