844,700 Shares in Dropbox, Inc. (NASDAQ:DBX) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in shares of Dropbox, Inc. (NASDAQ:DBX) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 844,700 shares of the company’s stock, valued at approximately $25,375,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Dropbox in the 3rd quarter valued at approximately $11,687,000. Jacobs Levy Equity Management Inc. increased its holdings in Dropbox by 6.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock valued at $158,670,000 after acquiring an additional 365,893 shares in the last quarter. Algert Global LLC lifted its holdings in shares of Dropbox by 414.9% in the third quarter. Algert Global LLC now owns 365,832 shares of the company’s stock valued at $9,303,000 after purchasing an additional 294,780 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Dropbox by 8.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after buying an additional 228,685 shares during the last quarter. Finally, Bridgewater Associates LP increased its position in Dropbox by 37.6% during the 3rd quarter. Bridgewater Associates LP now owns 703,012 shares of the company’s stock worth $17,878,000 after purchasing an additional 192,199 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their price target on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, January 6th.

Insider Buying and Selling

In other news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $30.38, for a total transaction of $75,950.00. Following the completion of the sale, the chief financial officer now directly owns 413,764 shares of the company’s stock, valued at $12,570,150.32. This trade represents a 0.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric Cox sold 3,765 shares of Dropbox stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the transaction, the insider now owns 309,550 shares in the company, valued at $8,141,165. The trade was a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 634,504 shares of company stock valued at $18,935,530 over the last quarter. Corporate insiders own 28.59% of the company’s stock.

Dropbox Price Performance

NASDAQ:DBX opened at $26.50 on Friday. The stock has a market cap of $8.00 billion, a P/E ratio of 18.79, a PEG ratio of 1.70 and a beta of 0.77. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.33. The firm has a 50-day moving average of $29.36 and a two-hundred day moving average of $27.94.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.11). The company had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. As a group, equities analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Dropbox Profile

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.