Rehmann Capital Advisory Group Acquires 6,562 Shares of Dropbox, Inc. $DBX

Rehmann Capital Advisory Group boosted its holdings in Dropbox, Inc. (NASDAQ:DBX) by 26.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,826 shares of the company’s stock after buying an additional 6,562 shares during the period. Rehmann Capital Advisory Group’s holdings in Dropbox were worth $910,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in DBX. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Dropbox in the 2nd quarter worth approximately $56,911,000. Seizert Capital Partners LLC increased its position in shares of Dropbox by 524.8% during the first quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company’s stock valued at $50,198,000 after purchasing an additional 1,578,566 shares during the period. LSV Asset Management increased its position in shares of Dropbox by 18.4% during the first quarter. LSV Asset Management now owns 7,633,516 shares of the company’s stock valued at $203,891,000 after purchasing an additional 1,187,395 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Dropbox by 38.1% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,482,705 shares of the company’s stock valued at $66,313,000 after purchasing an additional 684,882 shares during the period. Finally, Allianz Asset Management GmbH increased its position in shares of Dropbox by 46.4% during the second quarter. Allianz Asset Management GmbH now owns 1,437,355 shares of the company’s stock valued at $41,108,000 after purchasing an additional 455,876 shares during the period. 94.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on DBX. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Finally, UBS Group lowered Dropbox from a “neutral” rating to a “sell” rating and decreased their price target for the company from $29.00 to $27.00 in a research note on Thursday, September 18th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $29.67.

Dropbox Stock Performance

Dropbox stock opened at $29.27 on Thursday. The firm has a market cap of $7.90 billion, a P/E ratio of 17.85, a P/E/G ratio of 3.93 and a beta of 0.67. The business’s fifty day moving average is $29.61 and its two-hundred day moving average is $28.54. Dropbox, Inc. has a 52 week low of $24.42 and a 52 week high of $33.33.

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

Insider Buying and Selling at Dropbox

In other news, CTO Ali Dasdan sold 12,812 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $384,360.00. Following the transaction, the chief technology officer owned 551,060 shares of the company’s stock, valued at $16,531,800. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Andrew Houston sold 101,167 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $29.64, for a total value of $2,998,589.88. The disclosure for this sale can be found here. Insiders have sold a total of 318,632 shares of company stock valued at $9,248,234 over the last ninety days. Company insiders own 29.95% of the company’s stock.

About Dropbox

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.