Victory Capital Management Inc. Buys 44,995 Shares of Dropbox, Inc. (NASDAQ:DBX)

Victory Capital Management Inc. lifted its stake in shares of Dropbox, Inc. (NASDAQ:DBXGet Rating) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 869,482 shares of the company’s stock after acquiring an additional 44,995 shares during the quarter. Victory Capital Management Inc. owned approximately 0.23% of Dropbox worth $20,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp raised its position in shares of Dropbox by 1.4% during the fourth quarter. State Street Corp now owns 6,884,905 shares of the company’s stock worth $168,956,000 after acquiring an additional 92,393 shares during the last quarter. Geode Capital Management LLC increased its holdings in Dropbox by 9.4% in the fourth quarter. Geode Capital Management LLC now owns 6,361,635 shares of the company’s stock worth $155,968,000 after purchasing an additional 545,966 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in Dropbox by 87.7% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 2,870,654 shares of the company’s stock worth $70,676,000 after purchasing an additional 1,341,062 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Dropbox by 20.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,407,505 shares of the company’s stock worth $59,080,000 after purchasing an additional 411,481 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Dropbox by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,336,106 shares of the company’s stock worth $57,328,000 after purchasing an additional 28,016 shares in the last quarter. 61.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group lowered their target price on Dropbox from $35.00 to $30.00 in a report on Monday, May 23rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Dropbox has an average rating of “Moderate Buy” and an average price target of $30.75.

Dropbox Stock Performance

Shares of Dropbox stock opened at $23.99 on Friday. Dropbox, Inc. has a 52 week low of $19.07 and a 52 week high of $33.00. The stock has a 50 day moving average price of $22.01 and a two-hundred day moving average price of $22.35. The stock has a market capitalization of $9.01 billion, a PE ratio of 25.52 and a beta of 0.84.

Dropbox (NASDAQ:DBXGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Dropbox had a negative return on equity of 146.35% and a net margin of 16.66%. The firm had revenue of $572.70 million during the quarter, compared to analysts’ expectations of $571.27 million. During the same quarter last year, the firm posted $0.24 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts forecast that Dropbox, Inc. will post 0.88 EPS for the current year.

Insider Buying and Selling at Dropbox

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $19.12, for a total value of $47,800.00. Following the completion of the sale, the chief financial officer now owns 534,973 shares of the company’s stock, valued at $10,228,683.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, President Timothy H. Young sold 15,000 shares of Dropbox stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $22.68, for a total transaction of $340,200.00. Following the transaction, the president now owns 1,617,257 shares of the company’s stock, valued at $36,679,388.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $19.12, for a total value of $47,800.00. Following the transaction, the chief financial officer now directly owns 534,973 shares in the company, valued at approximately $10,228,683.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,086 shares of company stock valued at $2,055,883. Company insiders own 25.05% of the company’s stock.

Dropbox Profile

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Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers the following products: Dropbox Basic, Dropbox Plus, Dropbox Professional, and Dropbox Business. The Dropbox Basic is the simple, powerful home for photos, videos, documents, and other files.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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