Sanders Morris Harris LLC Buys Shares of 12,970 Dropbox, Inc. (NASDAQ:DBX)

Sanders Morris Harris LLC acquired a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,970 shares of the company’s stock, valued at approximately $345,000.

Several other hedge funds and other institutional investors also recently modified their holdings of DBX. UBS Group AG grew its holdings in shares of Dropbox by 378.5% during the first quarter. UBS Group AG now owns 5,063,268 shares of the company’s stock worth $109,468,000 after purchasing an additional 4,005,004 shares in the last quarter. Baupost Group LLC MA lifted its position in Dropbox by 30.6% in the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after buying an additional 2,476,021 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Dropbox by 959.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,630,512 shares of the company’s stock worth $36,491,000 after buying an additional 1,476,635 shares during the last quarter. AQR Capital Management LLC lifted its position in Dropbox by 102.3% in the 1st quarter. AQR Capital Management LLC now owns 2,556,821 shares of the company’s stock worth $54,230,000 after buying an additional 1,292,761 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in Dropbox by 179.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,745,670 shares of the company’s stock worth $37,741,000 after buying an additional 1,121,458 shares during the last quarter. Hedge funds and other institutional investors own 70.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on DBX. The Goldman Sachs Group boosted their target price on Dropbox from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 4th. KeyCorp boosted their target price on Dropbox from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. JMP Securities restated a “market outperform” rating and issued a $32.00 target price on shares of Dropbox in a research report on Thursday, August 31st. Citigroup boosted their target price on Dropbox from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Finally, Credit Suisse Group boosted their price objective on Dropbox from $18.00 to $22.00 and gave the company an “underperform” rating in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and a consensus target price of $29.14.

Insider Activity at Dropbox

In related news, Director Karen Peacock sold 4,667 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $25.83, for a total transaction of $120,548.61. Following the completion of the transaction, the director now owns 23,374 shares in the company, valued at $603,750.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Karen Peacock sold 4,667 shares of the company’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $25.83, for a total value of $120,548.61. Following the sale, the director now directly owns 23,374 shares of the company’s stock, valued at $603,750.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $27.71, for a total value of $83,130.00. Following the completion of the sale, the chief financial officer now directly owns 511,252 shares in the company, valued at $14,166,792.92. The disclosure for this sale can be found here. Insiders sold a total of 433,376 shares of company stock worth $11,793,466 over the last quarter. 25.78% of the stock is owned by corporate insiders.

Dropbox Stock Performance

Shares of DBX stock opened at $26.95 on Friday. The company has a market capitalization of $9.37 billion, a P/E ratio of 18.09, a PEG ratio of 1.79 and a beta of 0.89. The stock has a 50 day moving average price of $27.38 and a two-hundred day moving average price of $24.17. Dropbox, Inc. has a fifty-two week low of $18.71 and a fifty-two week high of $28.68.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, August 3rd. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.07. The company had revenue of $622.50 million during the quarter, compared to the consensus estimate of $613.64 million. Dropbox had a negative return on equity of 79.08% and a net margin of 21.61%. As a group, equities analysts predict that Dropbox, Inc. will post 1.05 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.