Dropbox, Inc. (NASDAQ:DBX) Stake Boosted by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. increased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 160.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,750 shares of the company’s stock after buying an additional 25,700 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Dropbox were worth $1,014,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Tobam bought a new position in shares of Dropbox in the first quarter worth $459,000. Hussman Strategic Advisors Inc. acquired a new stake in Dropbox in the first quarter worth about $1,786,000. Mirae Asset Global Investments Co. Ltd. grew its position in Dropbox by 21.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,118,210 shares of the company’s stock valued at $27,173,000 after buying an additional 200,775 shares in the last quarter. Retirement Systems of Alabama increased its stake in Dropbox by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 321,699 shares of the company’s stock valued at $7,817,000 after buying an additional 845 shares during the period. Finally, Arkadios Wealth Advisors bought a new stake in shares of Dropbox during the 1st quarter worth about $379,000. 94.84% of the stock is currently owned by institutional investors.

Dropbox Stock Performance

NASDAQ DBX opened at $21.87 on Thursday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The business’s fifty day moving average is $22.47 and its two-hundred day moving average is $25.40. The stock has a market capitalization of $7.22 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.54 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.13. The firm had revenue of $631.30 million for the quarter, compared to analysts’ expectations of $628.81 million. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. On average, research analysts forecast that Dropbox, Inc. will post 1.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total value of $154,487.84. Following the completion of the sale, the insider now owns 372,332 shares in the company, valued at $8,608,315.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $193,770,651.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bart Volkmer sold 6,682 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $23.12, for a total transaction of $154,487.84. Following the completion of the transaction, the insider now owns 372,332 shares in the company, valued at approximately $8,608,315.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 293,218 shares of company stock worth $6,661,709. Corporate insiders own 26.40% of the company’s stock.

Analysts Set New Price Targets

Separately, Citigroup reduced their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.56.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.