Denali Advisors LLC Takes Position in Dropbox, Inc. $DBX

Denali Advisors LLC purchased a new stake in Dropbox, Inc. (NASDAQ:DBX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,459 shares of the company’s stock, valued at approximately $414,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Elequin Capital LP raised its position in Dropbox by 71.0% during the first quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock valued at $30,000 after purchasing an additional 469 shares in the last quarter. Brooklyn Investment Group raised its position in Dropbox by 250.3% during the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock valued at $37,000 after purchasing an additional 991 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new position in Dropbox during the second quarter valued at approximately $41,000. SBI Securities Co. Ltd. raised its position in Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock valued at $48,000 after purchasing an additional 449 shares in the last quarter. Finally, UMB Bank n.a. raised its position in Dropbox by 29.7% during the second quarter. UMB Bank n.a. now owns 3,243 shares of the company’s stock valued at $93,000 after purchasing an additional 742 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Stock Performance

Shares of NASDAQ:DBX opened at $29.27 on Thursday. The company has a fifty day moving average of $29.61 and a 200-day moving average of $28.54. The company has a market capitalization of $7.90 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 3.93 and a beta of 0.67. Dropbox, Inc. has a 52-week low of $24.42 and a 52-week high of $33.33.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The company had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. On average, equities analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 5,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $29.76, for a total value of $148,800.00. Following the sale, the chief financial officer owned 471,621 shares of the company’s stock, valued at $14,035,440.96. The trade was a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $27.30, for a total transaction of $275,675.40. Following the completion of the sale, the insider directly owned 469,333 shares in the company, valued at approximately $12,812,790.90. This represents a 2.11% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 318,632 shares of company stock valued at $9,248,234. 29.95% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on DBX. UBS Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $29.67.

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.