Dropbox, Inc. $DBX Stake Boosted by Russell Investments Group Ltd.

Russell Investments Group Ltd. grew its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,237,858 shares of the company’s stock after acquiring an additional 100,398 shares during the period. Russell Investments Group Ltd.’s holdings in Dropbox were worth $75,519,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Ritholtz Wealth Management boosted its position in Dropbox by 277.3% during the third quarter. Ritholtz Wealth Management now owns 30,931 shares of the company’s stock valued at $1,047,000 after purchasing an additional 22,733 shares during the last quarter. Lido Advisors LLC acquired a new position in Dropbox in the 3rd quarter worth about $375,000. Fulcrum Asset Management LLP increased its position in Dropbox by 2,431.8% in the 3rd quarter. Fulcrum Asset Management LLP now owns 18,254 shares of the company’s stock worth $597,000 after purchasing an additional 17,533 shares during the last quarter. Ethic Inc. acquired a new position in Dropbox in the 3rd quarter worth about $211,000. Finally, Inscription Capital LLC acquired a new position in Dropbox in the 3rd quarter worth about $229,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Dropbox Price Performance

NASDAQ:DBX traded up $0.02 during trading hours on Friday, reaching $33.53. The company’s stock had a trading volume of 2,914,680 shares, compared to its average volume of 4,970,619. The company has a market cap of $7.50 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 3.01 and a beta of 0.62. Dropbox, Inc. has a one year low of $21.69 and a one year high of $38.22. The business’s 50-day moving average is $35.09 and its 200-day moving average is $29.42.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, November 5th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.15. Dropbox had a negative return on equity of 22.35% and a net margin of 17.17%. The company had revenue of $637.30 million for the quarter, compared to analyst estimates of $629.59 million. During the same period last year, the company earned $0.74 earnings per share. The business’s revenue was up .5% compared to the same quarter last year. On average, sell-side analysts predict that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada lifted their price target on Dropbox from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, November 6th. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday, November 7th. Zacks Research raised shares of Dropbox from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Stephens started coverage on shares of Dropbox in a research note on Tuesday, November 3rd. They issued an “equal weight” rating and a $39.00 target price for the company. Finally, Weiss Ratings upgraded shares of Dropbox from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $35.60.

Insider Activity at Dropbox

In related news, CEO Ashraf Alkarmi sold 28,800 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $35.54, for a total value of $1,023,552.00. Following the transaction, the chief executive officer directly owned 1,004,081 shares of the company’s stock, valued at approximately $35,685,038.74. This trade represents a 2.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ross Tennenbaum sold 97,558 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $35.02, for a total value of $3,416,481.16. Following the transaction, the chief financial officer owned 690,666 shares in the company, valued at approximately $24,187,123.32. This trade represents a 12.38% 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. Insiders have sold a total of 1,331,268 shares of company stock worth $46,553,783 in the last 90 days. Insiders own 35.48% of the company’s stock.

Dropbox Profile

Dropbox, Inc. is a cloud software company that helps individuals and organizations store, access, sync and share files across devices. Its core Dropbox service also supports collaboration through shared folders, comments and tools for managing digital content. The company offers products for a range of work and collaboration needs, including Dropbox Sign for electronic signatures and DocSend for sharing and tracking documents. Dropbox has also developed tools for reviewing creative content and organizing work, alongside integrations with other business applications.