Convergence Investment Partners LLC Grows Holdings in Dropbox, Inc. $DBX

Convergence Investment Partners LLC raised its position in Dropbox, Inc. (NASDAQ:DBX) by 25.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,072 shares of the company’s stock after buying an additional 10,271 shares during the period. Convergence Investment Partners LLC’s holdings in Dropbox were worth $1,461,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elequin Capital LP increased its holdings in Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock valued at $30,000 after buying an additional 469 shares in the last quarter. Brooklyn Investment Group increased its holdings in Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock valued at $37,000 after buying an additional 991 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in Dropbox in the second quarter valued at $41,000. SBI Securities Co. Ltd. increased its holdings in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock valued at $48,000 after buying an additional 449 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in Dropbox by 29.7% in the second quarter. UMB Bank n.a. now owns 3,243 shares of the company’s stock valued at $93,000 after buying an additional 742 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Trading Up 0.0%

DBX opened at $29.36 on Monday. The firm has a market capitalization of $7.92 billion, a PE ratio of 17.90, a PEG ratio of 3.87 and a beta of 0.67. Dropbox, Inc. has a twelve month low of $24.42 and a twelve month high of $33.33. The firm’s 50-day moving average price is $29.67 and its 200 day moving average price is $28.62.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The firm had revenue of $625.70 million for the quarter, compared to analyst estimates of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. Dropbox’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. As a group, analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Andrew Houston sold 101,167 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $29.64, for a total transaction of $2,998,589.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Timothy Regan sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $29.76, for a total transaction of $148,800.00. Following the transaction, the chief financial officer owned 471,621 shares in the company, valued at $14,035,440.96. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 318,632 shares of company stock valued at $9,248,234 in the last ninety days. 28.59% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on DBX shares. UBS Group lowered shares of Dropbox from a “neutral” rating to a “sell” rating and dropped their target price for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Friday. Finally, Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Sunday. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Dropbox presently has a consensus rating of “Reduce” and a consensus price target of $29.67.

Dropbox Company 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.